Greater than three-quarters of Saudi Arabian residents are conscious of cryptocurrencies, a brand new Yougov survey has discovered. Nevertheless, the examine additionally discovered that solely 18% of these surveyed are presently shopping for and promoting cryptocurrencies.
Straightforward Accessibility of Digital Cash
In line with the findings of a Yougov survey, about 77% of Saudi Arabian residents are conscious of cryptocurrencies, which means that the asset class “has generated a good quantity of consciousness.” The examine information, alternatively, exhibits that solely 18% of these surveyed confirmed they’re shopping for and promoting cryptocurrencies.
As proven within the examine information, whereas youthful Saudis are presently dominating crypto buying and selling within the kingdom, the findings present that older Saudis additionally “plan to deal in it.”
Regarding the elements that inspire Saudi residents to take a position or commerce cryptocurrencies, the examine discovered that nearly half of the respondents cite their accessibility. The report states:
Presently, the important thing motivation for many Kingdom of Saudi Arabia [KSA] residents who both make investments or plan to put money into digital currencies is the simple accessibility of digital cash for buying and selling (49%).
In line with the examine, 43% of the respondents that already purchase and promote crypto property level to the “excessive returns” on investments as the opposite key motivator. The examine notes that “this side has a better attraction amongst 45+ adults as in comparison with the remaining.”
Obstacles Stopping Saudis From Investing in Crypto
About 38% of Saudi residents that purchase and promote cryptocurrencies additionally cite the necessity “to diversify my funding portfolio” as one other key motivator. About 13% of these investing in cryptos stated they’re doing so as a result of mates or household that benefited beneficial it.
In the meantime, the examine findings recommend {that a} vital variety of Saudis — 37% of these surveyed — cite the volatility of cryptocurrencies as one in all their prime causes for not shopping for in. Some 36% cite their lack of expertise as a cause for not investing in cryptocurrencies and 31% felt “it’s not a authorized mode of funding.”
Solely 15% of these surveyed thought investing in cryptocurrencies was towards their faith, whereas 13% stated the property pose a cybersecurity danger.
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