As a researcher who has spent years studying financial markets and trends across different countries, I must admit that Turkey’s shifting investment preferences have caught my attention. The 2024 Cryptocurrency Awareness and Perception Survey by Paribu sheds light on an interesting trend: the rise of cryptocurrencies as a preferred investment over traditional options like real estate and stocks.
According to a recent study conducted by cryptocurrency platform Paribu, there’s been a shift in preference among Turkish investors, as more are choosing digital currencies over conventional investments such as property and stock markets.
“The ‘2024 Cryptocurrency Awareness and Attitude Study’
As a researcher, I embarked on a study aimed at gauging my nation’s understanding and opinion about cryptocurrencies, simultaneously uncovering their expectations, incentives, and obstacles regarding digital assets.
Crypto tops real estate and stocks as preferred investment
Approximately 56% of the surveyed individuals favor gold as their primary option when it comes to savings or investments. Foreign currencies came in second place, while about one-third (30%) of investors opt for cryptocurrency.
2023’s survey results showed that people preferred investing in real estate over cryptocurrencies. However, the preference for real estate dropped slightly from 30% in the previous year to 26%, causing cryptocurrencies to surpass real estate as a favored investment option in 2024. On the other hand, the interest in stock exchange and mutual funds grew from 13% in 2023 to 18% in 2024, but it remains lower than that of real estate.
Nergis Nurcan Karababa, the research content manager from Paribu, told CryptoMoon 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.
High awareness of crypto, low understanding of blockchain
Based on the findings of the study, it’s almost certain that over 99% of participants are familiar with cryptocurrency. This represents a substantial jump from just 16% back in 2020. The awareness rate rose to approximately 70% in 2021 and is believed to have been influenced by the explosive growth in the crypto market capitalization, peaking at an impressive $3 trillion in November 2021. By the year 2022, this familiarity with cryptocurrency had increased to 77%, before reaching a staggering 99% in both 2023 and 2024.
For the very first time in November 2021, the total value of all cryptocurrencies combined surpassed $3 trillion, with altcoins setting fresh record highs. During this period, popular crypto assets such as Bitcoin (BTC), Ether (ETH), Solana (SOL) and Polkadot (DOT) also hit new price peaks.
A large number of Turkish investors are acquainted with digital currencies like Bitcoin or Ethereum, yet a majority remains unaware of the underlying technology – blockchain. Intriguingly, a survey revealed that as many as 72% of respondents were not knowledgeable about this technology. However, there’s been a notable increase in awareness; by the year 2023, around one-fourth (25%) of participants had recognized blockchain, marking an uptick of 3% compared to the previous year. Interestingly, among those who are aware of blockchain, approximately two-thirds (67%) comprehend that it serves as the foundation for 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 CryptoMoon:
“The disparity in awareness likely stems from the distinct positioning and visibility of cryptocurrencies versus blockchain technology in the public sphere.”
She also mentioned that while blockchain uses beyond cryptocurrency remain somewhat specialized or obscure, boasting fewer relatable examples to the general public, Karababa contends that many individuals might still find themselves involved in crypto without fully understanding the technical aspects behind it.
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2024-11-01 14:34