June 24, 2024

Research: KSA Citizens’ Growing Interest in Cryptocurrencies

Last Updated on November 8, 2023 by admin

A recent survey revealed that approximately  75% of the citizens living in Saudi Arabia are interested in cryptocurrencies.

The same study suggested that about  77% of the citizens are aware of what cryptocurrencies are or have heard of them before. However, according to the data, only 18% of the surveyed Saudi Arabians engage in trading with cryptocurrencies.

Based on this research it is understood that at present, the younger generations in KSA are more inclined to trade in  cryptocurrencies, in contrast to the middle-aged citizens who  are not very adept in the subject.As per the research, almost 50% of those surveyed believe that  accessibility, among other factors , is one of the main reasons behind motivating the citizens of KSA to invest or trade in cryptocurrencies.

Saudi Arabia and Crypto Coins

A common belief that approximately 38% of the KSA Citizens share is that having a diversified investment portfolio is an important aspect of motivation. Roughly 13% of the  citizens who invest in cryptocurrencies said that they invest due to recommendations from friends and family members who have received significant profits through crypto trading.

Nonetheless, there are approximately 37% of the surveyed Saudi Arabians  who believe that trading in crypto assets can be risky, due to the rapid fluctuations in prices, and would hence, prefer not to invest.

36% of the surveyed citizens say that their main reason for not investing is lack of knowledge or experience,  and roughly 31%  believe that cryptocurrencies are not a legal form of investment.

Additionally, 15% of the respondents thought that investing in cryptocurrencies was against their religion, and 13% said that crypto assets posed a cybersecurity risk.

According to the study, 43% of respondents who are currently trading with cryptocurrencies think that it is possible to earn large amounts of money with cryptocurrencies. Based on this information, it would be safe to claim that another motivational factor for crypto trading is the high profitability. It can also be said that middle-aged citizens of KSA are more interested in the high profitability characteristic, in comparison to the youth.

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