Turkish investors are ditching traditional investments like real estate and stocks in favor of cryptocurrencies, according to a recent survey by Paribu, a popular crypto exchange.
Crypto’s Growing Popularity
The survey, which polled over 2,000 people familiar with crypto and over 500 active traders, revealed that crypto has become the third most popular investment choice in Turkey, right behind foreign currency.
While gold still reigns supreme, with 56% of respondents choosing it as their top investment, crypto has seen a significant surge in popularity. A whopping 30% of investors now see digital currencies as a viable investment option, surpassing real estate which fell to 26% from 30% in 2023.
Crypto Awareness Soars
The survey also highlighted a dramatic increase in crypto awareness in Turkey. Nearly 99% of respondents in 2024 said they were familiar with digital assets, a massive jump from just 16% in 2020. This surge in awareness could be attributed to Turkey’s high inflation rates and fluctuating currency, prompting many to seek alternative investment options.
A Gap in Knowledge
Despite the widespread familiarity with crypto, the survey revealed a significant knowledge gap when it comes to blockchain technology, the foundation of digital currencies. While 72% of respondents admitted they lacked knowledge about blockchain, only 25% were aware of it in 2023. This suggests that while there’s a strong interest in crypto as an asset, understanding its underlying technology needs improvement.
A Growing Trend
The survey findings paint a clear picture of a shift in the financial landscape of Turkey. Investors are increasingly incorporating digital currencies into their portfolios, driven by a combination of economic challenges and the allure of a new investment frontier.
This trend isn’t limited to Turkey. Data from Chainalysis, a blockchain analytics platform, shows a surge in decentralized finance (DeFi) activity in Eastern Europe, with over $160 billion in digital currency value flow.
The future of digital currencies in Turkey and beyond looks bright, with growing adoption and a growing community of investors embracing this new era of finance.
