The number of Saudi investors in cryptocurrency doubled in the last six months
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Answer The number of Saudi investors in cryptocurrency doubled in the last six months
The adoption of encrypted digital currencies in the Arab region is continuing and strong, as it is led by many Arab countries that were the first to adopt blockchain technology and modern technologies from these countries: the United Arab Emirates and Saudi Arabia.
have found recent study Issued by the cryptocurrency exchange “KuCoin” that there is an increasing interest in and adoption of cryptocurrencies within the Kingdom of Saudi Arabia.
The study found that 76% of cryptocurrency investors in the region have less than a year of experience in cryptocurrency trading, while 49% have less than 6 months of experience in cryptocurrency.Read:Ernst & Young is working to adapt Ethereum to major US companies
According to KuCoin’s findings in May, about 3 million Saudis owned or traded cryptocurrency during the previous six months.
This represents 14% of the adult population between the ages of 18 and 60.
Additionally, the study found that about 17% of the same age group mentioned are likely to invest in the asset class in the following six months.
Within the first quarter of 2022, 49% of cryptocurrency investors in the country intended to increase their cryptocurrency allocations over the following six months.
With bearish sentiment emerging throughout the year, 31% of investors said they would hold their positions.
Among the respondents, 51% said they see digital currencies as the future of finance.
44% believe that the crypto asset class will yield higher returns in the long run than other types of investment.
In terms of demographics, the majority of cryptocurrency investors in the region have been men.
Significantly, 84% of investors in the Arab world look to social media (Youtube, Twitter) for information about the crypto market, as well as other sources, including our platform. Arab Bitcoin Which is full of a huge amount of explanations and topics related to digital currencies and follow its news firsthand.Read:Banking giant “Citigroup” is studying the possibility of providing cryptocurrency trading and custody services
In June, the Monetary Authority of Saudi Arabia began using blockchain technology to carry out money transfers and deposits.
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