Paribu Unveils Insights from the 2024 Cryptocurrency Awareness and Perception Survey

[PRESS RELEASE – Istanbul, Turkey, November 1st, 2024]

Paribu’s 2024 Cryptocurrency Awareness and Perception Survey, conducted in partnership with FutureBright Group, reveals intriguing insights into the cryptocurrency and blockchain industries.

Maintaining its status as the most comprehensive study in the field, the survey aims to mirror the developments in Türkiye’s cryptocurrency ecosystem, share valuable data with the public and stakeholders, identify expectations, motivations, and barriers related to cryptocurrencies, and ultimately, create an accurate roadmap for future actions based on the findings.

The survey was conducted using computer-assisted personal interviews (CAPI) between July 12 and September 2 in 12 cities representative of Türkiye.

The results are categorized into four headings: awareness, experience, technology, and demographics.

Cryptocurrency Awareness Holds Steady at 99%

“Türkiye’s cryptocurrency recognition has seen a dramatic surge, leaping from 16 percent in 2020 to a near-universal 99 percent in both 2023 and 2024. In the meantime, the percentage of cryptocurrency traders increased from 25.1 percent to 27 percent compared to a year earlier.

On the other hand, despite the increase in trading activity, transaction preferences remained consistent with previous years. Bitcoin dominates trader preferences at 70 percent, while Ethereum secures a 29 percent share of the market. When surveyed about cryptocurrency usage, 75 percent of individuals familiar with and actively trading in cryptocurrencies reported primarily engaging in short-term trading activities. Survey results reveal that 75 percent of respondents cite rapid transactions and effortless storage and transfer as cryptocurrency’s primary benefits. When asked about their first association with cryptocurrency, one-third of participants mentioned virtual money, while 20 percent immediately thought of Bitcoin.

Half of Traders Turn to Crypto Platforms for Market Intel

A key highlight from this year’s survey is the insight into traders’ preferred sources for cryptocurrency information and market research. Social media platforms dominate as the primary information source for 63 percent of cryptocurrency traders. Fifty percent of participants choose cryptocurrency trading platforms as their preferred information source.

Crypto Investment Trends Reveal Shifting Paradigm

Investment preferences have significantly changed since last year’s survey. In 2024, gold reigns supreme as the most trusted investment, commanding 90 percent preference, while cryptocurrencies secure third place among preferred investment vehicles at 29 percent.

Many Still Unfamiliar with the Blockchain Technology

Despite a 3 percentage point increase in awareness from last year, blockchain remains largely unknown to the vast majority. Of those aware of cryptocurrency, 72 percent reported no familiarity with blockchain technology at all. Blockchain awareness remains low, with only 28 percent of respondents familiar with the technology. Cryptocurrency wallets emerge as the most recognized blockchain-related concept among survey respondents. Among cryptocurrency traders, 52 percent recognize this concept, while 43 percent of those aware of cryptocurrencies are familiar with it. Staking, burning, and seed phrases are among respondents’ least recognized blockchain concepts.

Male Cryptocurrency Trading Activity on the Rise

The demographic analysis highlights a key trend: newly crypto-aware men exhibit significantly higher trading interests. Among cryptocurrency-aware individuals, 31 percent of men engage in trading compared to 21 percent of women. The 25-44 age group demonstrates the highest cryptocurrency trading activity. Additionally, cryptocurrency trading among university graduates surged from 30 percent in 2023 to 39 percent this year. The typical cryptocurrency trader is 34.7 years old.

Click here to access the full report.