The latest study by the cryptocurrency exchange Kucoin revealed that around three million Saudi Arabians are crypto investors, or have traded crypto in the past six months. According to the study, 17% of Saudi Arabia’s adults are ‘crypto-curious’ and will likely invest in cryptocurrency over the next six months.
According to the Into the Cryptoverse report of the crypto exchange, the study also examined how Saudi residents have reacted to crypto trading since the beginning of the ongoing crypto winter.
“In the first quarter 2022, 49% crypto investors hoped to increase their investment in cryptocurrency over the next six months.” According to the report, the bearish market that began in the second quarter 2022 was accompanied by a shift in investor sentiment towards more conservative strategies for holding cryptocurrencies.
According to the report, 31% of crypto-owners in the country indicated that they want to keep their crypto balance the same as before Q2. Investors with lower incomes, however, have had a tendency to liquidate a portion of their portfolios over the same time period.
The Future of Finance: Crypto
Kucoin reported that 76% of investors have less experience than one year. Around 49% of these investors only began crypto trading in the last six months. The report shows that Saudi Arabia has a high number of crypto novices.
According to 51% of Saudi crypto investors, they invest because they believe it is the future. Around 44% stated that cryptocurrencies offer higher long-term returns than other forms of investment.
Young investors below 30 are believed to make up at least a third. Men were the dominant gender group, with 63% of them being the most dominant (63%). The study found that 44% of male crypto investors would not miss the trend. However, it was more common for women to be focused on the real benefits of crypto.
According to the report, 84% of crypto investors use social media (especially YouTube and Twitter) as sources of information. Online communities are reportedly used by just over a third (35%), when searching for information about crypto-related topics.
Nearly half of crypto investors buy digital currencies with fiat money every month and then engage in spot trading. The report states that this involves trading, buying and selling on the current value of crypto currency. This is the only type of crypto trading that some scholars in the Arab World consider halal.