KuCoin’s study found that nearly 3 million Saudi Arabians have entered the crypto market in the past six months.
KuCoin, a crypto exchange, is used to explore the adoption of and penetration cryptocurrency in Saudi Arabia. released an “Into The Cryptoverse Report”. The study revealed that there is a sustainable interest in crypto investments in Saudi Arabia. According to the report:
“51% of crypto investors invest because they believe it is the future of finance, while 44% believe that cryptocurrencies can bring them higher returns in the long run compared to other types of financial investment.”
In the past six months, 14% have entered the cryptocurrency space either by trading or owning digital assets. 17% of adults expressed crypto curiosity and indicated that they were likely to invest into cryptocurrencies over the next six-months.
The report stated that new market entrants are increasing at an unprecedented rate.
“The high proportion of new market entrants is unique to Saudi Arabia, as 76% of crypto investors have less than one year of experience in crypto investment, including 49% of those who first started trading cryptocurrencies in the past six months, suggesting strong demand for crypto education in the market.”
Despite the bearish market’s onset in the second quarter, crypto investors in the country still had confidence in their investments. This was also highlighted in the study:
“In the second quarter of 2022, 31% of crypto owners in Saudi Arabia said that they would keep their crypto balance as is rather than increase their investment.”
The ratio of gender inequalities is high for crypto investments, as 63% of the investors are men and 37% women. However, women investors are more pragmatic and look at real benefits. According to the survey,
“48% of female crypto investors are motivated by its profitability in the long run, and 42% of females invest in crypto to gain passive income.”
With 42% of Saudi crypto investors seeing the profits accrued as a stepping stone toward improving their families’ living conditions, the KuCoin study found out that these unique aspects were opening up new horizons and possibilities for the cryptocurrency market in the nation.
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