Paribu, a pioneering technology company in the sector and a leading cryptocurrency trading platform in Turkey, has published the results of the “Cryptocurrency Awareness and Perception Survey”, the most comprehensive survey for the sector conducted in Turkey, for the third time.
The results of the “Cryptocurrency Awareness and Perception Survey-2022”, conducted by Akademetre Research Company on behalf of Paribu, have provided essential data on the cryptocurrency industry. The survey, conducted to determine cryptocurrency awareness and perception in Turkey, as well as user expectations and motivations about cryptocurrencies, was carried out using face-to-face interviews.
This year, questions that had yet to be asked in the previous two years were also included, and the data obtained were gathered under 6 main headings: market dynamics, technology, experience, trustworthiness, satisfaction, and demographics.
According to the research conducted on a sample group representing the whole of Turkey, as of 2022, more than 8 million people in Turkey are engaged in cryptocurrency trading.
The survey also observed that confidence in cryptocurrencies increased by 59% compared to the previous year. In addition, 4 out of 10 people who have heard about cryptocurrencies have confidence in them as an investment instrument. Whereas this ratio, among the ones who are engaged in cryptocurrency trading, has increased to 7 out of 10 people.
The number of people trading cryptocurrencies has increased by 74%
The survey contains important results in terms of market dynamics. In 2022, the rate of those who are engaged in cryptocurrency trading increased by 74 percent compared to the previous year. The rate of those who heard of cryptocurrency also increased by 11 percent compared to 2021. At the same time, the number of people who find it profitable as an investment instrument is also higher compared to the last year’s results. 4 out of every 10 people find cryptocurrency markets profitable. In 2021, 3 out of 10 people thought that the cryptocurrency markets were profitable.
Among savings instruments, the cryptocurrency markets come in third after TRY savings and checking accounts with 11.1 percent.
The most significant source of motivation is “high profit”
The survey also provides important outputs on the experiences of people engaged in cryptocurrency trading. 9 out of 10 people prefer cryptocurrencies, hoping to get a “high-profit”. This is followed by “curiosity/interest” and “being based on technology”. One of the striking results here is that those who believed cryptocurrencies offered transparency have increased by 44.6% compared to the previous year.
Confidence in cryptocurrencies has increased by 59%
6 out of 10 people who are engaged in cryptocurrency trading find the cryptocurrency markets risk-free. However, individuals believe that the FX-protected TL deposit accounts scheme, which was enacted this year, is an investment instrument with the lowest risks involved.
According to the survey results, confidence in cryptocurrencies has also increased by 59%. 4 out of every 10 people who hear about cryptocurrencies, and 7 out of every 10 people who execute transactions find cryptocurrencies trustworthy.
When asked for the first time this year, “Do you think regulation is necessary?”, 7 out of 10 respondents answered that it is necessary. In response to the question “What should the regulation cover?”, the answers were hedging and taxation.
User satisfaction has increased by 2.5 times
The satisfaction rate of those engaged in cryptocurrency trading has increased by 8.7 points compared to the previous year. Generation Y has the highest satisfaction rate with 84.9 percent.
On a gender basis, 64.2 percent of women who make transactions are very satisfied, while this rate is 44.8 percent for men. “Easy trading” and “high-profit” were the most prominent reasons behind user satisfaction.
Interest and confidence in cryptocurrencies continue to grow
Emphasizing that the survey results varied each year depending on the developments in the markets, Yasin Oral, the CEO of Paribu, said: “In the most comprehensive perception survey conducted in Turkey for the third time this year, we have included additional questions that were not asked in the previous surveys to address new developments in our ecosystem, and collected the results of the survey under 6 main categories as market dynamics, technology, experience, trustworthiness, satisfaction, and demographics. This year’s results show that interest and confidence in cryptocurrencies have increased significantly. Accordingly, we can say that users began to embrace this market and its products. We hope that the interest and curiosity not only in cryptocurrencies but also in blockchain and new technology products will increase next year.”
Key results
You shall find other key findings from the survey here below:
- 4 out of 10 people who are engaged in cryptocurrencytrading know the term NFT.
- 86% of those who are engaged in cryptocurrency trading prefer them hoping to get a high profit.
- With an 80% preference rate, Bitcoin is the most preferred cryptocurrency among traders.
- 7 out of 10 people who are engaged in cryptocurrency trading recommend the cryptocurrency markets.
- The number of those who find the cryptocurrency markets profitable as an investment instrument has increased by 43.5%.
- Local platforms are preferred by 51.4%.
- 2 out of 10 people engaged in cryptocurrency trading are women.
- 8 out of every 10 people who trade with cryptocurrency are Millennials.
- The rate of Gen X traders increased by 80 percent compared to 2021.
“Cryptocurrency Awareness and Perception Survey” is the most comprehensive survey in its field, with the highest number of participants (2,000 people) among the surveys focusing on cryptocurrencies in Turkey since 2019. You shall download the “Cryptocurrency Awareness and Perception Survey-2022” from here.
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