Survey Reveals a High Crypto Adoption Rate among Saudi Arabians

KuCoin, a major cryptocurrency exchange, has unveiled a new survey revealing a high penetration of the cryptocurrency market among Saudi Arabians.

According to the findings, approximately 3 million Saudi Arabians aged 18-60 own cryptocurrencies or have traded in them over the past six months, which is 14% of the adult population. A further 17% of adults are considered crypto-curious and likely to invest in cryptocurrencies in the next six months, according to the survey.

Among potential crypto investors in the Arab nation, the report’s findings demonstrate sustained interest. The first quarter of 2022 saw 49% of crypto investors intending to increase their investments in cryptocurrencies.

During the second quarter of 2022, investor sentiment shifted toward more conservative strategies related to holding cryptocurrencies due to the bearish market. The second quarter of 2022 saw 31% of Saudi Arabian crypto owners maintain their balances rather than increase their investments. A portion of the portfolios of investors with lower income was sold off during this time period.

Saudi Arabia has a high percentage of new entrants to the crypto market, with 76% of crypto investors having less than one year’s experience, including 49% who first traded cryptocurrencies in the previous six months. This indicates a need for crypto education in the market. 44% of investors believe cryptocurrencies can provide greater returns in the long run than other types of investments, according to 51% of crypto investors.

The report noted: “42% of Saudi crypto investors say they plan to use the profits to improve their families’ living conditions. Other goals include buying a new house, saving for retirement or emergency fund and spending on other enjoyments, such as travelling and shopping. In addition, 15% of crypto investors hope to live on the income from a crypto investment to be spared from work. Many are using the gains from crypto investment to grow their portfolio and reinvest, especially male crypto investors. 29% of crypto investors plan to start their businesses with gains and 28% intend to reinvest the money into the financial market.”