Binance Research: Exploring Turkey's Crypto Landscape – Binance Blockchain Week Edition
Main Takeaways
This article previews the recent Binance Research report exploring Turkey’s evolving crypto landscape and highlighting key takeaways from our Binance Blockchain Week 2023 event.
Turkey has one of the highest cryptocurrency adoption rates in the world, with crypto being one of its most popular asset classes to invest in. Turkish users also have a positive outlook on crypto in the near and long term.
Binance Blockchain Week 2023 was held in Istanbul, Turkey, from November 8 to 9. The event saw over 2,000 in-person and more than 500,000 virtual attendees.
Often hailed as a crossroads where history meets innovation, Turkey stands as one of the top adopters of digital assets in the world. The country’s emerging status as a crypto hub speaks to its fierce appetite for Web3 innovation. Here, the financial world is increasingly embracing the future of blockchain technology. For these reasons, we recently held our flagship Binance Blockchain Week event in Istanbul.
Today’s article explores the adoption, allocation, and outlook of crypto in Turkey to provide an overview of its digital asset landscape. We share insightful charts and statistics based on a survey of over 600 Turkish respondents. Additionally, we highlight key takeaways from Binance Blockchain Week 2023, which ran from November 8 to 9.
Crypto Adoption in Turkey
Turkey has one of the highest crypto adoption rates in the world. According to data from HedgewithCrypto, adoption rates in the country have more than doubled in the past three years, increasing from 16% to 40% of the population. It is estimated that two in every five citizens hold crypto. Based on data from Chainalysis, Turkey is also the fourth-largest crypto market by estimated transaction volume globally, ahead of other major economies.
Crypto markets by transaction volume (Jul 2022 - Jun 2023)
Usage of investment instruments in Turkey
Motivations and Concerns
When asked about the motivations behind investing in crypto, survey respondents indicated that the potential for profits was the most compelling case. Operational factors related to the ease and accessibility of investing also stood out as major motivators. These highlight the perceived benefits of this innovative asset class.
Top reasons for investing in crypto
Conversely, when asked about factors against investing in crypto, risk was highlighted as the main concern. The perception that cryptocurrencies are risky continues to be the main hurdle for adoption. The second and third most common areas of concern, namely insufficient knowledge and a lack of safety, may also play a role in this perception.
Top reasons against investing in crypto
Together, these two figures demonstrating the key motivations and concerns behind investing in cryptocurrencies paint a relatively holistic picture of investor attitudes.
Industry Outlook
A majority of Turkish investors are optimistic about the outlook for crypto. Speaking of the near term, 64% indicated their belief that crypto prices will increase in the next year.
“I believe that the value of cryptocurrencies will increase within the next year”
“The number of people investing in cryptocurrency will increase over the next five years”
Binance Blockchain Week 2023
As a Web3 leader, Binance is devoted to not only accelerating the adoption of blockchain technology but also to helping users navigate this rapidly evolving industry. Binance Blockchain Week is our flagship event, where traders, founders, institutions, innovators, regulators, global officials, and more come together to explore and shape the future of blockchain technology. The event is a unique opportunity to learn, connect, and participate in the ever-evolving world of blockchain, featuring an array of exhibitions, workshops, and discussions.
Binance Blockchain Week 2023 was held in Istanbul, Turkey, from November 8 to 9. The event saw over 2,000 physical attendees and more than 500,000 virtual attendees, bringing together a dynamic mix of industry leaders, policymakers, investors, entrepreneurs, and innovators. This year’s event explored how blockchain and crypto can financially empower the next billion users around the world. There was a keen focus on recent innovations, institutional adoption, and the user journey. Some of the key themes discussed included the following:
Crypto is poised for growth. Continued innovations have prepared us for the next cycle of growth. Better infrastructure, more use cases, and a diverse ecosystem of DApps are now in place, ready to welcome the next wave of users.
The institutions are here. Institutional participants recognize the potential and opportunity of digital assets. From investing in crypto to leveraging blockchain technology for their operations, institutions are here to stay.
Focus on user experiences. Simplifying the user journey is key to onboarding the next billion users. Builders should remain keenly aware of the challenges that users face and strive to increase accessibility.
Binance Research
The Binance Research team is committed to delivering objective, independent, and comprehensive analyses of the crypto space. In financial markets, knowledge is power. Gone are the days when only big institutions and sophisticated financiers used high-quality research to navigate the digital asset space. Thanks to Binance Research, you can empower yourself with the latest data and insights from the field of crypto intelligence.
This article is only a snapshot of the full report, which contains further insights and analyses of Turkey’s crypto landscape and Binance Blockchain Week 2023. To read the full version of this report, click here. Additionally, you can find other in-depth investigations of the latest Web3 developments by visiting the Insights & Analysis page on the Binance Research website. Take the opportunity to empower yourself with the latest insights from the field of crypto research!
Further Reading
General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice and is not a recommendation, offer, or solicitation to buy or sell any securities or cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer; they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive, and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given, and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ‘forward-looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies, or any investment strategy, nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase, or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.