The crypto verse has seen impeccable growth over the years. The interest in the industry has reached worldwide. Despite the ongoing turmoil in the marketresidents of Saudi Arabia remain positive about the crypto verse.
Middle Eastern countries are emerging as prominent crypto hubs. According to a recent survey conducted by cryptocurrency exchange Kucoin, Saudi Arabia is home to several crypto enthusiasts. The survey found that Saudi millennials were more inclined to digital assets than others.
As can be seen in the above image, a whopping 3 million of Saudi Arabia’s adult population has invested in cryptocurrencies. This included individuals between the ages of 18 and 60. In addition, 17 percent of the population, of which 3.6 million, were curious and wanted to invest in the industry.
This increased interest in the industry has certainly paved the way for companies to establish themselves in Middle Eastern countries. Over the past few months, a range of platforms, including: Binance† crackand several others have the Middle East coasts.
It seems that this zeal would continue. The Kucoin survey shows that in the first quarter of 2022, 49 percent of Saudi crypto investors decided to increase their investments in the next six months. However, the bear market disrupted this plan.
“The onset of the bearish market in the second quarter of 2022 saw a reversal in investor sentiment towards more conservative strategies regarding holding cryptocurrencies. In Q2 2022, 31% of crypto owners in Saudi Arabia said they would leave their crypto balance unchanged rather than increase their investment.”
Men dominate the Saudi crypto market
As in several other regions around the world, the men in the Arab country took over the crypto investment arena. About 63 percent of cryptocurrency investors turned out to be men. Women were not far off, as they accounted for 37 percent.
However, it should be noted that 44 percent of the male population did not want to miss the trend. But 48 percent of female crypto investors wanted to make a long-term profit. In addition, 42 percent of the female population puts their money into crypto to earn a passive income.
Moreover, the UAE already has a stronghold in the industry. With an interest of this size, Saudi will follow suit. While Saudi has yet to come up with relevant industry regulations, the latest data could speed up the process.