Saudi Arabia taking tentative interest in crypto

A recent survey has revealed that 77% of Saudi Arabian residents are familiar with the concept of cryptocurrency but the rate of adoption remains much lower, with only 18% of residents saying that they are currently trading in crypto.

The survey by YouGov featured 1,006 respondents in Saudi Arabia and was conducted between February 1 and February 7 this year.

Adults between 25-34 of age are more likely to take up cryptocurrencies, with 25% saying that they had.

Meanwhile, those who are over the age of 45 are more skeptical. In fact, 37% of them say that they do not want to touch crypto.

High income households tend to be more interested in crypto. Households that earn upwards of $8,000 per month tend to show greater interest in investing in those asset classes, which is understandable. Another 34% said that they were both interested in crypto and preparing to invest in it.

Men tend to be more willing to invest than women (36% to 30% respectively). Meanwhile, digital banking is becoming more popular in Saudi Arabia with 91% of respondents admitting to using digital banking. Recommendations by friends and family play a big role in determining crypto attitudes.

The survey suggested that 38% of all people who invest in crypto do so to diversify their portfolio but another 27% consider this asset to be “more secure”.

Then, there is another 15% who think that think that the asset is more transparent than traditional methods. Another 20% argue that it’s a good long-term investment.

The investment world in crypto is changing up quickly as more people are becoming aware of the assets and eager to invest. Even those investing in crypto, admit that further diversification on the blockchain is needed.

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Updated: 02/28/2022 — 16:00