The crypto-verse has witnessed impeccable growth over the years. The interest in the industry has reached worldwide. Despite the ongoing market turmoil, residents of Saudi Arabia remain positive about the crypto-verse.
Middle Eastern countries have been emerging as prominent crypto hubs. As per a recent survey conducted by cryptocurrency exchange Kucoin, Saudi Arabia has been harboring several crypto enthusiasts. The survey revealed that Saudi millennials were more inclined toward digital assets than others.
As seen in the above image, a whopping 3 million of Saudi Arabia’s adult population has invested in cryptocurrencies. This included individuals aged between 18 to 60. In addition to this, 17 percent of which is 3.6 million of the population were curious and wanted to invest in the industry.
This increased interest in the industry has certainly paved the way for businesses to set up shop in Middle Eastern countries. Over the last couple of months, an array of platforms including Binance, Kraken, and several others have been exploring the Middle Eastern shores.
It seems like this fervor would persist. The Kucoin survey shows that, in Q1 2022, 49 percent of Saudi crypto investors decided to increase their investments over the next six months. However, the bear market disrupted this plan.
“The onset of the bearish market in the second quarter of 2022 saw a reversal of investor sentiment toward more conservative strategies related to the holding of cryptocurrencies. In the second quarter of 2022, 31% of crypto owners in Saudi Arabia said that they would keep their crypto balance as is rather than increase their investment.”
Men dominate the Saudi crypto market
Similar to several other regions across the globe, the men in the Arabian country took over the crypto investment arena. About 63 percent of cryptocurrency investors were found to be men. Women weren’t too far off, as they accounted for 37 percent.
However, it should be noted that 44 percent of the male population did not want to miss out on the trend. But 48 percent of women crypto investors were looking to earn profits in the long run. In addition to this, 42 percent of the female population pour their money into crypto to garner passive income.
Additionally, the UAE already has a stronghold in the industry. With an interest of this magnitude, Saudi is bound to follow suit. While Saudi is yet to come up with pertinent regulations governing the industry, the latest data could accelerate the process.