A recently released KuCoin report found surging interest and adoption of cryptocurrencies within Saudi Arabia. It found that 76% of crypto investors in the region had under a year’s experience trading crypto, while 49% had less than 6 months of experience.
- Per the results gleaned by KuCoin in May, there were about 3 million Saudi Arabians who either own crypto or had traded it within the previous 6 months. That accounts for 14% of its adult population aged 18-60.
- On top of that, about 17% of that same age bracket said they were likely to invest in the asset class in the following 6 months.
- Within the first quarter of 2022, 49% of the nation’s crypto investors intended to increase their allocation over the following 6 months.
- However, as bearish sentiment set in across the year, 31% of investors said they’d keep their position as is in Q2. Lower-income individuals were found more likely to sell their holdings at this time.
- Among investors, 51% said they saw crypto as the future of finance. 44% believed the asset class would generate higher long-term returns compared to other investment types.
- Regarding demographics, about 37% of crypto investors in the region were men. By comparison, about 33% of American women said they planned to buy crypto in 2022, per a survey by BlockFi
- Whereas men’s primary reason for investing was to “not miss the trend,” women focused on practical reasons such as future profits and passive income.
- Furthermore, 37% of crypto investors were under the age of 30 as of Q2 2022.
- Overwhelmingly, 84% of the Arab nation’s investors look to social media (YouTube, Twitter) for crypto information, above any other source.
- Saudi Arabia’s monetary authority began utilizing blockchain technology to execute money transfers and deposits in June.