14% of Saudis Are Crypto Investors, 76% Have Less Than a Year of Cryptocurrency Investing Experience – Featured Bitcoin News

Around 14% of Saudi residents are either current crypto investors or have traded crypto in the past six months, according to the latest Kucoin study. The study also revealed that 76% of investors have less than a year of experience and therefore may need relevant crypto education.

Crypto winter effect

According to the latest study conducted by the cryptocurrency exchange Kucoin showed. The study results also suggest that an additional 17% of adults nationwide would be “crypto-curious and are likely to invest in cryptocurrencies over the next six months.”

According to the crypto exchange In the Cryptoverse Reportthe study also looked at how Saudi residents’ sentiment towards crypto trading has changed since the onset of the current crypto winter.

“In the first quarter of 2022, 49% of crypto investors intended to increase their investments in cryptocurrencies over the next six months. The onset of the bear market in the second quarter of 2022 saw a reversal in investor sentiment towards more conservative strategies related to holding cryptocurrencies,” the report notes.

Study: 14% of Saudis are crypto investors, 76% have less than a year of cryptocurrency investing experience
Source: Kucoin.

The report added that since the start of the second quarter, some 31% of crypto owners nationwide have signaled their desire to “keep their crypto balance as is rather than increasing their investment.” In contrast, lower income investors tended to liquidate part of their portfolio over the same period.

Crypto the future of finance

Meanwhile, Kucoin said it found that 76% of investors had less than a year of experience. About 49% of these investors have only started crypto trading or invest in crypto in the past six months. According to the report, the high proportion of beginners in Saudi Arabia highlights the need for crypto education.

When it comes to their reasons for investing, some 51% of Saudi crypto investors said they are in the industry because “they believe it is the future of finance.” About 44% said they invest in cryptocurrencies because it “can bring them higher returns in the long run compared to other types of financial investments.”

While men were the most dominant gender group (63%), young investors aged 30 and under would now make up at least a third of the total. While 44% of male crypto investors said they wouldn’t want to miss the trend, the study observed that women are more focused on the realistic benefits of crypto.

Study: 14% of Saudis are crypto investors, 76% have less than a year of cryptocurrency investing experience
Source: Kucoin.

In terms of sources of information, the report states that “84% of crypto investors turn to [social media] when searching, especially on YouTube and Twitter. Just over a third (35%) would rely on online communities to seek out crypto-related information.

Nearly 50% of crypto investors acquire digital currencies with fiat currency and engage in spot transactions every month. According to the report, this “implies trading, buying and selling on current market value as the only form of crypto trading that is considered halal by some academics in the Arab world.”

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Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively on the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.

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