A recent survey by the cryptocurrency exchange Paribu reveals that some investors in Turkey now prefer cryptocurrencies over traditional investment options like real estate and stocks.
The “2024 Cryptocurrency Awareness and Perception Survey” survey aimed to highlight developments in Turkey’s crypto ecosystem. It included 2,002 interviews with individuals familiar with cryptocurrency and 541 interviews with those who actively trade them.
The survey sought to measure the country’s awareness of and perception of cryptocurrencies while identifying the expectations, motivations and barriers related to digital assets.
Crypto tops real estate and stocks as preferred investment
When asked about their preferred investment products, 56% of participants indicated that gold is their top choice for saving or investing. Foreign currency ranked second, followed by cryptocurrency, which was preferred by three out of 10 investors.
Preferred investment or savings instrument. Source: Paribu
The survey noted that in 2023, participants favored real estate over cryptocurrencies. However, the preference for real estate dropped from 30% last year to 26%, pushing crypto above the investment instrument in 2024. The preference for stock exchange and mutual funds increased from 13% in 2023 to 18% in 2024, but it still trails behind real estate.
Nergis Nurcan Karababa, the research content manager from Paribu, told Cointelegraph that transaction speeds, accessibility and high return potential are key drivers encouraging users to engage with crypto. Karababa said:
“Compared to traditional financial products, crypto assets may experience much higher rates of adoption. Individuals are motivated to step into this world now, anticipating more widespread use in the future.”
She added that increasing interest from institutional companies further supports this trend.
Related: Tether proposes boron-backed tokens to Turkey’s government
High awareness of crypto, low understanding of blockchain
According to the survey, nearly 99% of respondents have heard of cryptocurrency. This marks a significant increase from 16% in 2020. Awareness rose to 70% in 2021, likely driven by a surge in crypto market capitalization, which reached $3 trillion in November 2021. By 2022, crypto awareness climbed to 77%, then reached 99% in both 2023 and 2024.
In November 2021, the combined market capitalization for cryptocurrencies reached $3 trillion for the first time as altcoins reached new all-time highs. At the time, crypto assets like Bitcoin (BTC), Ether (ETH), Solana (SOL) and Polkadot (DOT) reached new price records.
Crypto awareness in Turkey. Source: Paribu
While many Turkish investors are familiar with cryptocurrencies, most are unfamiliar with blockchain technology. The survey found that 72% of respondents were unaware of blockchain. However, awareness is on the rise; in 2023, 25% of respondents recognized blockchain technology, up 3% from the previous year. Among those aware of blockchain, 67% understand that it is used in cryptocurrencies.
Karababa explained that while crypto is perceived as an investment tool, blockchain is often seen as a complex, underlying infrastructure instead of an accessible product. The researcher told Cointelegraph:
“The disparity in awareness likely stems from the distinct positioning and visibility of cryptocurrencies versus blockchain technology in the public sphere.”
She added that blockchain applications outside of crypto are still “relatively niche,” with fewer examples that resonate with the public. Because of this, Karababa believes that people may engage with crypto even though they are unaware of its underlying technologies.
Magazine: ‘Hong Kong’s FTX’ victims win lawsuit, bankers bash stablecoins: Asia Express