A new survey by Turkish crypto exchange Paribu reveals a significant shift in Turkish investor preferences, with more individuals opting for cryptocurrencies over traditional investments like real estate and stocks. The “2024 Cryptocurrency Awareness and Perception” survey included insights from 2,002 participants knowledgeable about cryptocurrency, 541 of whom were active crypto traders.
Turkey’s Strong Appetite for Crypto Investment
Survey findings highlight a growing interest in digital assets, reflecting Turkey’s evolving economic and technological landscape. Gold remains the top investment choice for 56% of respondents, followed by foreign currency. However, cryptocurrency ranked as the third most preferred asset, with 30% favoring digital assets, up notably from previous years. This positions crypto ahead of real estate, whose preference among investors declined from 30% in 2023 to 26% in 2024.
Stocks and mutual funds experienced a modest rise in interest, moving from 13% to 18%, though these options still lag behind both crypto and real estate. According to Nergis Nurcan Karababa, research content manager at Paribu, factors such as transaction speed, accessibility, and high return potential are driving the shift toward crypto. “Compared to traditional financial products, crypto assets may experience much higher rates of adoption,” Karababa noted, emphasizing the role of institutional interest in enhancing crypto’s appeal as an investment.
Growing Awareness of Cryptocurrency but Limited Blockchain Knowledge
The survey reveals that awareness of digital assets in Turkey has surged, with almost 99% of respondents recognizing cryptocurrencies, a significant increase from just 16% in 2020. This awareness spike coincides with the 2021 bull market, during which popular assets like Bitcoin and Ether reached new all-time highs, furthering public interest. By 2023 and 2024, cryptocurrency awareness reached near-universal levels.
However, blockchain knowledge remains relatively low, with 72% of participants lacking a basic understanding of the technology that underpins digital assets. Though awareness is gradually increasing, only 25% of respondents recognized blockchain technology in 2023, up slightly from the prior year. Among those familiar with blockchain, 67% associate it with cryptocurrency applications.
Turkey’s Expanding Influence in the Global Crypto Market
Turkey now ranks as the fourth-largest crypto market globally, with an estimated trading volume of $170 billion, surpassing markets in Russia, Canada, Vietnam, Thailand, and Germany. In August, the Turkish Capital Markets Board (CMB) announced that 47 cryptocurrency firms have applied for licenses under Turkey’s new regulatory framework, including major exchanges such as Bitfinex, Binance TR, and OKX TR. Notably absent from the list were Coinbase, Bybit, KuCoin, MEXC, and Gate.io.
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