New Survey Unveils High Cryptocurrency Adoption Rate In Saudi Arabia
The market of digital currencies within Saudi Arabia witnesses a great extent of crypto adoption, pointing toward the likely spread of this sector throughout the Middle East and North Africa (MENA) area. As mentioned by a survey organized on the behalf of a crypto exchange KuCoin, approximately 3M residents of Saudi Arabia (almost fourteen percent of the people aged between 18 and 60) have turned into crypto investors – up till May this year – and they either presently own crypto or have previously traded it.
The survey also discusses another 17% of the participants under the category of crypto-curious people who have an intention to invest in this field during the coming six months. according to the findings of this research, the crypto investors belonging to the Arab nation have an interest in long-term investment. In this year’s initial quarter, nearly forty-nine percent of the cryptocurrency investors had the intention to elevate the investment thereof in crypto during the impending six months.
In 2022’s 2nd quarter, investor interest has transferred toward additionally conservative investment techniques regarding crypto as the market has begun to show a bearish trend. 31% of the people possessing crypto in the Saudi Arabian region are of the view that they would sustain the crypto balance instead of making an expansion into it. Simultaneous to this, investors that have lower incomes traded a section of the crypto holdings, as put by the survey.
The great number of people who are newly entering the crypto market of Saudi Arabia is unparalleled, as seventy-six percent of the investors have an expertise of less than even a year in this space, taking into account forty-nine percent of those who started their crypto trading during the former six months. As mentioned by the report, the male crypto investors occupy up to 63% and consistency has been witnessed in this ratio during recent years.
50% of the investors buy digital currencies through fiat currencies and get involved with the per-month spot trading, which is categorized as the single “halal” crypto trading type under the opinion of a few theologians within the Arab jurisdiction. In addition to this, Saudi Aramco (an oil firm working within Saudi Arabia) raised enthusiasm among the crypto followers in 2021 by investing up to $5M in Vakt (an oil trading company that utilizes blockchain technology).
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.
