Annual Survey Shows Turkish Investors Favor Crypto Over RWAs

Turkish Investors Shift Towards Crypto

Paribu’s “2024 Cryptocurrency Awareness and Perception Survey” aimed to explore trends within Turkey’s crypto ecosystem. It gathered insights from 2,002 individuals aware of crypto and 541 active traders. The findings provide a detailed look at how Turkish investors view digital assets.

When participants were asked about their preferred investment choices, 56% chose gold, making it the top investment option. Foreign currency came in second place, while crypto ranked third, chosen by nearly 30% of participants. This marks a shift from 2023 when real estate held a higher preference than cryptocurrencies. The survey shows that real estate’s popularity has declined from 30% last year to 26% this year.

Though stocks and mutual funds saw a modest increase from 13% in 2023 to 18% in 2024, they still rank behind crypto and real estate. According to Paribu’s research content manager, Nergis Nurcan Karababa, factors like fast transactions, accessibility, and high return potential drive Turkish investors towards crypto.

Crypto Awareness Soars, Blockchain Knowledge Lags

Turkey’s awareness of cryptocurrency has skyrocketed over the years. Here’s how awareness levels have grown:

This suddenly increased awareness most likely originates with some big events in the markets. For example, in November 2021, the total market capitalization of digital currencies reached $3 trillion for the first time. During this, leading coins like Bitcoin and Ether reached historic price levels, hence making digital assets more interesting to more and more people.

But while awareness of crypto is near universal, knowledge of the underlying blockchain technology remains extremely limited. The study shows that 72% of those surveyed are unfamiliar with blockchain, though the figure is improving.

In 2023, 25% recognized blockchain, a slight increase from the previous year. Among those who do understand blockchain, most are aware of its role in cryptocurrencies. But, Karababa noted, many people see blockchain as a complex structure, not an accessible tool. This lack of familiarity with blockchain may explain why people engage with crypto while remaining uncertain about its underlying technology.

In Turkey, cryptocurrencies are gaining ground as a popular investment, especially as real estate interest declines. Although crypto awareness is nearly universal, blockchain knowledge remains limited. Karababa suggests that while blockchain applications beyond crypto are still niche, people are increasingly engaging with crypto as an investment, even without fully understanding its technical foundations.