Survey Reveals Turkish Investors Prefer Cryptocurrencies Over Real Estate and Stocks

Survey Reveals Turkish Investors Prefer Cryptocurrencies Over Real Estate and Stocks

A recent survey conducted by Turkish crypto exchange Paribu indicates that Turkish investors are increasingly favoring cryptocurrencies over traditional investment assets such as real estate and stocks. The “2024 Cryptocurrency Awareness and Perception” survey gathered insights from 2,002 individuals who are familiar with cryptocurrency with 541 of these respondents actively involved in trading digital assets.

The survey aimed to evaluate public awareness and perceptions regarding digital currencies while exploring the motivations and challenges faced by cryptocurrency investors. The findings suggest a strong demand for cryptocurrency investments which reflect broader economic and technological changes in Turkey's investment environment.

Among the survey participants gold was identified as the preferred investment choice by 56% while foreign currency closely followed. However cryptocurrency emerged as the investment of choice for 30% of those surveyed marking a notable increase from previous years. This shift positions digital assets above traditional investments such as real estate which experienced a decline in preference from 30% in 2023 to 26% in 2024. In contrast interest in stocks and mutual funds showed a modest rise from 13% to 18% though these options still lag behind both real estate and cryptocurrencies.

Nergis Nurcan Karababa the research content manager at Paribu highlighted several factors driving the trend towards cryptocurrencies including transaction speed accessibility and the potential for high returns. She noted that compared to traditional financial products crypto assets may experience much higher rates of adoption attributing this to an optimistic outlook on cryptocurrency's future economic role. Furthermore growing institutional interest is seen as a key element reinforcing cryptocurrency's status as an investment alternative.

The survey also underscores Turkey's impressive level of cryptocurrency awareness with nearly 99% of respondents recognizing digital assets. This awareness has surged dramatically from a mere 16% in 2020 to 70% in 2021 coinciding with the cryptocurrency market reaching a historic valuation of $3 trillion. During this period popular assets such as Bitcoin and Ether reached all-time highs which further fueled public interest. By 2022 awareness continued to climb eventually achieving near-universal recognition in 2023 and 2024.

Despite this widespread recognition knowledge about blockchain technology the underlying foundation of digital assets remains limited. The survey revealed that 72% of respondents lacked a basic understanding of blockchain although awareness is gradually increasing. In 2023 25% of those surveyed recognized blockchain a slight rise from the previous year. Among those familiar with the technology 67% associate it directly with cryptocurrency applications.

Turkey holds a significant position in the global crypto landscape ranking as the fourth-largest crypto market in the world with an estimated trading volume of $170 billion surpassing well-known markets such as Russia Canada Vietnam Thailand and Germany. In August the Turkish Capital Markets Board revealed that a total of 47 cryptocurrency firms had submitted applications for licenses under newly implemented regulations. Among these applicants are prominent exchanges including Bitfinex Binance TR and OKX TR. However major platforms such as Coinbase Bybit KuCoin MEXC and Gate.io were notably absent from the licensing process.