Global crypto exchange KuCoin has released the results of its cryptoverse report exploring the adoption of crypto in Saudi Arabia. According to their report, about 14% of the adult population stated that they own cryptocurrencies.
Around 3 million people in Saudi Arabia aged between 18 and 60 have become crypto investors or currently own cryptocurrencies. Moreover, the survey also stated that another 17% of adults are likely to invest in cryptocurrencies over the coming six months.
Besides this, the report’s findings also show sustainable interest among potential crypto investors in the Arab country. In Q1 2022, 49% of crypto investors intended to increase investment in cryptocurrencies over the coming six months. However, the bearish market condition in Q2 2022 saw a reversal of investor sentiment toward more conservative strategies.
Nonetheless, Saudi Arabia witnesses a high proportion of new market entrants. As a matter of fact, over 76% of crypto investors have less than one year of experience in crypto investment. Moreover, 49% of those first started trading cryptocurrencies in the past six months. This suggests strong demand for crypto education in the market.
As of now, 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.
42% of Saudi crypto investors say they plan to use the profits to improve their families’ living conditions. These include buying a new house, saving for retirement or emergency fund, and spending on other enjoyments such as traveling and shopping.