Binance Research, a platform providing corporate-level analysis, in-depth insights, and unbiased information for all participants in the digital asset industry, released a report titled “Turkey’s Crypto Outlook” following the Binance Blockchain Week 2023 held in Istanbul last week. The report includes an analysis of the status of Turkey’s crypto asset market, takeaways from the Binance Blockchain Week 2023 event, and expectations for the future.
According to the report, Turkey is among the countries with the highest level of crypto asset adoption. The research indicates that 2 out of 5 people in Turkey own crypto assets, with the percentage of those engaging with crypto assets in some way increasing from 16% to 40% in the last three years. The report also highlights Turkey’s 12th position among major economies according to Chainalysis’ Global Crypto Adoption Index 2023. In global transaction volume comparisons, Turkey is ranked 4th after the United States, India, and the United Kingdom. The report emphasizes that crypto assets, with a 21% share, are one of the most invested asset classes after the Turkish Lira, surpassing precious metals, stocks, and bonds by a significant margin.
Of those who entered the crypto market in Turkey, 27% did so in the last year. The report mentions that a significant portion, 71% of Turkish crypto investors, monitors their accounts more than once a day, demonstrating a high level of interest in portfolio developments. Additionally, the report highlights a noteworthy 46% rate of daily crypto trading.
The most appealing aspect of crypto investment, according to 66% of survey participants, is the potential for profit. Ease of portfolio monitoring and interest in technology follow as the second and third most cited reasons. While 40% consider crypto a promising technology, 38% are motivated by the absence of a minimum investment amount, 33% by low transaction costs, and 26% by the security of crypto investments.
Concerns about crypto investments include 40% of non-investors expressing the view that crypto is risky, and 26% attributing their non-investment to a lack of knowledge.
Regarding future expectations, 64% of investors believe that the value of crypto assets will increase in the next year, and 73% anticipate an increase in the number of crypto asset investors over the next 5 years, indicating a positive trend in adoption.
The report concludes by stating that Binance Research is optimistic about the future of Turkey’s crypto asset market. As the number, knowledge, and interest of crypto investors grow, Binance Research asserts that Turkey can play a significant role in this field and pledges to continue closely monitoring and supporting Turkey’s crypto asset market.
About Binance: Binance is a leading blockchain ecosystem and cryptocurrency infrastructure provider globally, encompassing the world’s largest digital asset exchange by volume. The Binance platform is dedicated to enhancing financial freedom and offers a unique range of crypto products and offerings, including trading and finance, education, data and research, social impact, investment and incubation, decentralization, and infrastructure solutions. For more information, visit https://www.binance.com.