According to a KuCoin study, nearly 3 million Saudi citizens have entered the crypto space in the last six months.
KuCoin, a cryptocurrency exchange, has released an "Into The Crypto verse Report" to investigate the adoption and penetration of cryptocurrencies in Saudi Arabia. The study uncovered long-term interest among Saudi crypto investors. According to the report:
"51% of crypto investors invest because they believe it is the future of finance, while 44% believe cryptocurrencies can provide them with higher long-term returns than other types of financial investment."
In the last six months, 14% of the adult population has entered the crypto space, either trading or owning digital assets. Furthermore, 17 percent of adults expressed interest in cryptocurrencies and were likely to invest in them in the next six months.
New market entrants were at an all-time high, according to the report:
"The high proportion of new market entrants is unique to Saudi Arabia, as 76 percent of crypto investors have less than one year of experience in crypto investment, including 49 percent of those who began trading cryptocurrencies in the last six months, indicating strong market demand for crypto education."
Despite the onset of the bear market in the second quarter of this year, some crypto owners in the country remained optimistic about their investments. The study also revealed:
"In the second quarter of 2022, 31 percent of Saudi crypto owners said they would keep their crypto balance the same rather than increase their investment."
However, when it comes to crypto investment, the gender inequality ratio is a little high, with 63 percent being men and 37 percent being women. Women investors, on the other hand, exhibit a more practical mindset by focusing on realistic benefits. According to the survey:
"In the long run, 48 percent of female crypto investors are motivated by its profitability, and 42 percent of females invest in crypto to gain passive income."
The KuCoin study discovered that these unique aspects were opening up new horizons and possibilities for the country's cryptocurrency market, with 42 percent of Saudi crypto investors seeing profits as a stepping stone toward improving their families' living conditions.
for more news about crypto blockchain.news
0 Comments