According to a Yougov survey, more than three quarters (73%) of Saudi Arabians know about cryptocurrency. The survey also revealed that only 18% reported buying and selling cryptos at the moment.
Use Virtual Coins for Easy Accessibility
According to the findings of a Yougov survey, about 77% of Saudi Arabian residents are aware of cryptocurrencies, which suggests that the asset class “has generated a fair amount of awareness.” The study data, on the other hand, shows that only 18% of those surveyed confirmed they are buying and selling cryptocurrencies.
As shown in the study data, while younger Saudis are currently dominating crypto trading in the kingdom, the findings show that older Saudis also “plan to deal in it.”
The study revealed that nearly half of respondents mentioned accessibility as the reason they are interested in trading cryptocurrencies or investing. It states that:
At the moment, this is what drives most Kingdoms Saudi Arabia. [KSA]Residents who plan or invest in digital currency are attracted to the ease of trading virtual coins (49%).
According to the study, 43% of the respondents that already buy and sell crypto assets point to the “high returns” on investments as the other key motivator. The study notes that “this aspect has a higher appeal among 45+ adults as compared to the rest.”
Saudis are prevented from investing in crypto by barriers
About 38% of Saudi residents that buy and sell cryptocurrencies also cite the need “to diversify my investment portfolio” as another key motivator. A third of crypto investors said they do so as a recommendation from friends and family who’ve benefited.
Meanwhile, the study findings suggest that a significant number of Saudis — 37% of those surveyed — cite the volatility of cryptocurrencies as one of their top reasons for not buying in. Some 36% cite their lack of experience as a reason for not investing in cryptocurrencies and 31% felt “it is not a legal mode of investment.”
A mere 15% of respondents thought that investing in cryptocurrency was against their religious beliefs, while 13% stated they pose cybersecurity threats.
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