Nearly 3 million citizens in Saudi Arabia have entered the crypto space in the past six months, according to a study by KuCoin.
To explore the adoption and penetration of cryptocurrencies in Saudi Arabia, the crypto exchange is KuCoin released and “The Cryptoverse Report”. The study reveals sustained interest among crypto investors in Saudi Arabia. According to the report:
“51% of crypto investors invest because they believe this is the future of finance, while 44% believe that cryptocurrencies can yield higher returns in the long run compared to other types of financial investments.”
In the last six months, 14% of the adult population entered the crypto space by trading digital assets or theirs. Furthermore, 17% of adults express a crypto curiosity and tend to invest in cryptocurrencies over the next six months.
My new market went through the roof, with the report stating:
“The high proportion of new market participants is unique to Saudi Arabia, as 76% of crypto investors have less than a year’s experience in crypto investing, including 49% of those who first started trading cryptocurrencies in the past six months, indicating strong demand for crypto education. in the market.
Despite the start of a bearish market in the second quarter of this year, some crypto owners in the country are still showing confidence in their investments. The study also highlights:
“In the second quarter of 2022, 31% of crypto owners in Saudi Arabia said they would maintain a crypto balance rather than increase investment.”
However, the gender inequality ratio is quite high when it comes to crypto investments because 63% are men and 37% are women. However, women investors reflect a more practical mindset by looking at real benefits. The survey stated:
“48% of women crypto investors are motivated by long -term profits, and 42% of women invest in crypto to earn passive income.”
With 42% of Saudi crypto investors seeing the profits they receive as a stepping stone to improving their family’s living conditions, the KuCoin study found that this unique aspect opens up new horizons and possibilities for the cryptocurrency market in the country.
Meanwhile, Argentina has sought refuge in stablecoin after the resignation of its economy minister, Blockchain.News reported.
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