Adoption: Saudi Arabian Crypto Investors Doubled Over 6 Months (Survey)

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.

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