14% of Saudis are crypto investors, 76% have less than a year of experience in cryptocurrency investments – Featured Bitcoin News

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

Crypto winter effect

About three million Saudis, or about 14% of the adult population aged 18-60, are either crypto investors or have traded crypto in the last six months, the stock exchange’s latest study, cryptocurrency Kucoin, showed. The survey results also indicate that a further 17% of adults nationwide would be “crypto-curious and likely to invest in cryptocurrencies over the next six months.”

According to the crypto exchange’s Into The Cryptoverse report, the study also looked at how Saudi residents’ attitudes towards crypto trading have changed since the beginning of the current crypto winter.

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

Source: Kucoin.

The report added that since the start of the second quarter, around 31% of cryptocurrencies nationwide have signaled their desire to “keep their crypto sales as it is instead of increasing their investment.” In contrast, lower-income investors tended to liquidate part of their portfolio during the same period.

Crypto finance of the future

Meanwhile, Kucoin said it found that 76% of investors had less than a year of experience. About 49% of these investors first started trading crypto or investing in crypto in the last 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, about 51% of Saudi crypto investors said they are in the industry because “they think it’s the future of finance.” About 44% said they invest in cryptocurrencies because it “can give 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 underrepresented would now be at least a third of the total. While 44% of male crypto investors said they would not miss the trend, the study observed that women are focusing more on the realistic benefits of crypto.

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

In terms of information sources, 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 involves “trading, buying and selling at current market value as the only form of crypto trading considered halal by some academics in the Arab world.”

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Terence Zimwara

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

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