Cryptocurrency Picks Up Steam In The Arab World: Saudi Arabia Has Around 3 Million Crypto Investors
The cryptocurrency sector prepares for a fiery firestorm making investors and authorities closely monitor the market. In Saudi Arabia, 3.6 million adults are cryptophiles. Saudi Arabia has become a significant market for cryptocurrencies due to its supportive political environment, booming crypto ecosystem, and large customer base. The Kingdom has emerged as a prominent crypto hub because of the rising number of investors. Approximately three million Saudis have purchased cryptocurrency, according to a recent survey. The adult population of the nation as a whole makes up 14% of this.
The survey found that Arab investors in cryptocurrencies have long shown interest. A 49% surge in crypto traders has been seen in the first quarter of 2022. Further, 31% of Saudi cryptocurrency investors stated that they would prefer to maintain their current cryptocurrency balance over growing it. On the other hand, low-income crypto owners traded a chunk of their cryptocurrency holdings during this time.
Saudi Crypto Investors Are Predominantly Male With 63%
Saudi Arabia has left a great impression by exhibiting a considerable increase in investor participation. 76% of these investors are novices to the market with less than a year of experience. The demographic data shows that most crypto owners in KSA are men, with a percentage of 63%. This gender split has remained constant over the past few months. On the contrary, the long-term profitability of cryptocurrency is a driving force for 48% of female investors. To generate an additional income, 42% of women invest in cryptocurrencies.
Crypto Craze In Saudi Arabia – What Caused It?
The Saudi Arabian oil corporation Saudi Aramco is thought to be the cause of the rising number of cryptocurrency supporters over the past year, a global research group claims. Aramco has spent $5,000,000 on its oil trading company, Vakt, in a significant investment. This huge investment may be credited with sparking the growth of post-trade processing automation and digitization. Additionally, it was believed that the oil trading company might start bitcoin mining operations.
A Bright Future Awaits Digital Assets
Above 50% of Saudi investors indicate that virtual currencies will dominate the financial world in the near future. When compared to traditional investments, 44% of respondents stated they think their cryptocurrency investments would provide greater returns. In 2018, the Saudi government barred its banks from handling any cryptocurrency-related operations. In spite of the restriction, these stats indicate that youth do not fear trading cryptocurrencies.
Cryptocurrencies Are A Hot Topic In Saudi Arabia, But Where Are Saudis Getting Their Information?
News or information about cryptocurrency is usually shared through social media. The purpose of it is to discuss current events in the world of cryptocurrencies and to advertise information related to them. Saudis are similarly affected by the power of social media because it is the major source driving their interest in digital coins. The most widely used platform for Saudis to learn about cryptocurrency is social media including Twitter and Youtube.
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