Cryptocurrencies

77% of Saudis Are Aware of Cryptocurrencies, Only 18% Are Currently Buying and Selling Cryptocurrency

77% of Saudis Are Aware of Cryptocurrencies, Only 18% Are Currently Buying and Selling Cryptocurrency

More than three-quarters of Saudi residents are familiar with cryptocurrencies, according to a new Yougov survey. However, the study also revealed that only 18% of respondents currently buy and sell cryptocurrencies.

Easy accessibility of virtual parts

According to the results of a Yougov survey, about 77% of Saudi residents are familiar with cryptocurrencies, suggesting that the asset class “has generated good awareness”. The study data, on the other hand, shows that only 18% of respondents confirmed that they buy and sell cryptocurrencies.

As the study’s data shows, while young Saudis currently dominate the crypto trade in the kingdom, the findings show that older Saudis are “planning to deal with it as well.”

Study: 77% of Saudis know about cryptocurrencies, only 18% are currently buying and selling
Image credit: Yougov.

Regarding the factors that motivate Saudi residents to invest or trade cryptocurrencies, the study found that almost half of respondents cite their accessibility. the report States:

Currently, the main motivation of most of the Kingdoms of Saudi Arabia [KSA] residents who invest or plan to invest in digital currencies is the ease of access to virtual coins for trading (49%).

According to the study, 43% of respondents who already buy and sell crypto assets indicate that “high returns” on investments are the other key motivator. The study notes that “this aspect has higher appeal among adults 45 and older than others.”

Obstacles preventing Saudis from investing in crypto

Around 38% of Saudi residents who buy and sell cryptocurrencies also cite the need to “diversify my investment portfolio” as another key motivation. About 13% of those who invest in crypto said they do so because friends or family members who have benefited from it recommended it.

Study: 77% of Saudis know about cryptocurrencies, only 18% are currently buying and selling
Image credit: Yougov.

Meanwhile, the study results suggest that a significant number of Saudis – 37% of respondents – cite cryptocurrency volatility as one of their top reasons not to buy. Some 36% cite their lack of experience as a reason for not investing in cryptocurrencies and 31% felt that “it is not a legal way of investing”.

Only 15% of respondents thought investing in cryptocurrencies was against their religion, while 13% said the assets posed a cybersecurity risk.

What do you think of the results of this study? Let us know what you think in the comments section below.

Terence Zimwara

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














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