Study: 77% of Saudis are familiar with cryptocurrencies and only 18% are trading them

Study: 77% of Saudis are familiar with cryptocurrencies and only 18% are trading them

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Answer Study: 77% of Saudis are familiar with cryptocurrencies and only 18% are trading them

Saudi Arabia is one of the leading Arab regions in adopting new technologies.

According to the results of a new survey conducted by YouGovHowever, around 77% of residents in Saudi Arabia are familiar with cryptocurrencies, indicating that the cryptocurrency category has generated a fair amount of awareness.

Data from the same study shows that only 18% of those surveyed confirmed that they buy and sell cryptocurrencies.

As shown in the study, Saudi youth currently dominate cryptocurrency trading in Saudi Arabia.

The results show that older Saudis are also planning to engage in it.

Read:Bitcoin Drops Below $47,000 Despite Bitcoin Supply Drop in Trading Platforms to All-Time Lows

Regarding the factors that motivate Saudi residents to invest or trade cryptocurrencies, the study found that nearly half of the respondents indicated their accessibility and ease.

This is what we, in turn, provide in the Arab Bitcoin through the buying and selling channel:

Group to buy and sell cryptocurrency

The study report stated:

Currently, the main motive for most residents of Saudi Arabia who invest or plan to invest in cryptocurrencies is easy access to cryptocurrencies.

According to the study, 43% of respondents who actually buy and sell cryptocurrencies are motivated by high returns on investments as one of the main incentives.

The study indicates that this aspect has a higher attractiveness among over 45 adults than the rest.

Obstacles that prevent Saudis from investing in cryptocurrencies:

According to the same study, about 38% of Saudi residents who buy and sell cryptocurrencies point to the need to diversify their investment portfolios as another major catalyst.

About 13% of those who invest in cryptocurrency said they do so because friends or family who have benefited recommended it.

Read:After the collapse of Terra…G7 officials discuss new crypto law this week

Meanwhile, the findings indicate that a significant number of Saudis – 37% of those surveyed – cite cryptocurrency’s volatility as one of the top reasons not to buy it.

Read:EverGrow makes passive income without the hassle of trading

36% of them cited their lack of experience as a reason not to invest in cryptocurrencies and 31% felt it had no legal status to invest.

While only 15% of those surveyed believed that investing in cryptocurrencies was against their religion, while 13% said cryptocurrencies pose a cybersecurity risk.

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