As a seasoned analyst with over two decades of experience observing and dissecting the intricacies of global financial markets, I find this year’s Paribu Cryptocurrency Awareness and Perception Survey an enlightening piece of work.
Istanbul, Turkey, November 1st, 2024, Chainwire
The findings from Paribu’s 2024 survey on cryptocurrency understanding and opinion, jointly carried out with FutureBright Group, offer fascinating perspectives about the world of cryptocurrencies and blockchain.
The study, recognized as the most extensive in its field, intends to reflect the advancements in Turkey’s cryptocurrency market, provide useful information to the public and key players, explore expectations, incentives, and obstacles related to cryptocurrencies, and ultimately, develop an accurate guide for future actions based on these findings.
The research was carried out by means of Computer-Assisted Personal Interviews (CAPI) from July 12 to September 2, in a total of 12 cities across Turkey that represent the country.
The results are categorized into four headings: awareness, experience, technology, and demographics.
Cryptocurrency Awareness Holds Steady at 99%
Turkey’s acceptance of cryptocurrencies has skyrocketed, climbing from 16% in 2020 to almost universal at 99% in both 2023 and 2024. During this period, the number of people trading cryptocurrencies also increased, rising from 25.1% to 27%, compared to the previous year.
Contrarily, even though there was a surge in trading, the preferred transaction methods didn’t change much from last year. In this market, Bitcoin holds a dominant position at 70%, with Ethereum claiming a 29% share. Interestingly, when asked about their cryptocurrency usage, 3 out of 4 active traders admitted to focusing on short-term trades. The survey also found that the main advantages people see in cryptocurrencies are speedy transactions and ease of storage and transfer. Moreover, when probed about their initial thoughts on cryptocurrencies, a third responded with ‘virtual money’, while one-fifth instantly associated it with Bitcoin.
Half of Traders Turn to Crypto Platforms for Market Intel
One significant finding from this year’s survey centers around the preferences of cryptocurrency traders regarding their sources for info and market research about digital currencies. It turns out that social media platforms are the go-to source for 63% of these traders. Additionally, half of the participants in the survey opted for cryptocurrency trading platforms as their preferred sources of information.
Crypto Investment Trends Reveal Shifting Paradigm
Since our survey last year, there’s been a notable shift in investment tendencies. Come 2024, gold is predicted to be the top-tier choice for investments with an impressive 90% preference, while cryptocurrencies are anticipated to hold third place, garnering 29% as the preferred investment method.
Many Still Unfamiliar with the Blockchain Technology
Even though there was a 3 percentage point rise in understanding compared to last year, the majority still find blockchain technology largely unfamiliar. Interestingly, out of those who know about cryptocurrencies, a staggering 72% admitted they have no idea about blockchain at all. The overall familiarity with blockchain is quite low, as only 28% of participants recognized it. However, when it comes to recognizable blockchain-related ideas, cryptocurrency wallets stand out; 52% of active traders and 43% of those aware of cryptocurrencies are familiar with this concept. On the other hand, less common terms like staking, burning, and seed phrases remain relatively unknown among respondents.
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.
Contact
Eray Dengiz
eray.dengiz@paribu.com
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2024-11-01 18:44