Examining the cryptocurrency preferences of individual investors: A research in Aydın province

In recent years, the dynamics of financial markets have undergone significant changes. The most notable of these changes is the rise of cryptocurrencies and their growing role in the financial system. This trend is also observed in the province of Aydın. Cryptocurrencies are defined as digital or virtual currencies, typically supported by blockchain technology, which ensures secure transactions. Since Bitcoin was first introduced to the market in 2009, cryptocurrencies have become a focal point for investors and financial markets. The opportunities and risks presented by cryptocurrencies have become a major topic of discussion among both individual and institutional investors. The popularity of cryptocurrencies has further increased interest in and the importance of these digital assets. Cryptocurrency selection refers to individuals' ability to make informed and effective decisions when making financial choices, and it requires financial knowledge and skills. This concept has become even more critical with the emergence of new and complex investment tools like cryptocurrencies. The diversification of cryptocurrencies can directly influence individuals' investment behaviors. While cryptocurrencies offer investors high potential returns, they also carry significant risks. To make informed decisions regarding cryptocurrencies, investors must have a deep understanding of how these digital assets work, market trends, risk management, and investment strategies. A lack of knowledge about cryptocurrencies can prevent investors from fully understanding the risks, potentially leading to financial losses. This study was conducted using a 5-point Likert-type survey method. A total of 657 participants took part in the survey, and the collected data was evaluated using statistical analysis programs. Reliability tests, such as Factor Analysis, t-tests, ANOVA tests, Cronbach Alpha reliability coefficient, and Kaiser-Meyer-Olkin (KMO) analysis, were performed to determine which factors influenced the elements of investment goals based on nominal and ordinal conditions such as gender, age, education level, income, and occupation, as well as parameters like compatibility, intuition, expectations, and decision-making. This study conducted in the province of Aydın is expected to serve as a guide for individuals with investment potential interested in cryptocurrencies and financial literacy, as well as for researchers, investors, governments, banks, and policymakers.