The Cryptocurrency Awareness and Perception Index Survey was carried out in March and October as an interim study ahead of the fourth edition of the full Cryptocurrency Awareness and Perception Survey, set to take place later this year. The survey, the first of its kind in Türkiye, tracks changes in perception and knowledge of the cryptocurrency ecosystem and related technologies. It fills gaps in existing literature and introduces new research opportunities with its unique set of questions.
In the survey, which represents all of Türkiye, 500 individuals aged 18 and over, from social grades A, B, C1, and C2, who are familiar with the concept of cryptocurrency, were interviewed. Of the 500 participants, 70 percent reported having traded cryptocurrency at least once.
“Virtual money” is top of mind when people think of cryptocurrency
While three in ten people stated that “virtual money” was the first concept that came to mind when they heard the word cryptocurrency, the percentage of those who thought of investment first increased by 6 points between March and October.
Cryptocurrency viewed as an investment tool
While 80 percent of cryptocurrency traders view cryptocurrencies as a long-term investment tool, 74 percent consider them short-term trading instruments. Meanwhile, four in 10 people stated that they use cryptocurrency for money transfers.
Blockchain technology faces low awareness
Only 22.8 percent of respondents in March were aware that cryptocurrency relies on blockchain technology. This rate rose by nearly 3 percentage points to 25.8 percent in October.
The respondents were asked, “Do you know how cryptocurrency is produced?” The answer “no” was given by 96 percent of respondents in both months.
Cryptocurrency wallet emerges as the most recognized concept
In addition to cryptocurrency, when asked about awareness of technological products, eight out of 10 people said they were familiar with the concept of a cryptocurrency wallet. The most well-known concepts after the wallet were the Metaverse and stable cryptocurrencies, while NFT awareness remained at 10 percent.
Advice: The most effective source of information
Seven in 10 cryptocurrency traders reported that expert advice is the most influential factor in motivating them to begin trading. The percentage of those who conduct personal research before transactions is 14.3 percent. The percentage of those who consider the impact of social media and advertisements to be significant rose from 10.9 percent in March to 14.2 percent in October.
Here are some key findings from the survey:
- Bitcoin and Ethereum are the most widely recognized cryptocurrencies.
- Cryptocurrencies are seen as both long-term investment and short-term trading tools.
- The cryptocurrency wallet is well-known.
- Advice from close circles or experts is considered the most effective source of information.
- The desire for high returns and curiosity are key drivers of motivation for trading.
Click here to download the Cryptocurrency Awareness and Perception Index Survey.
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