77% of Saudis Know About Cryptocurrencies, Only 18% are presently Buying and Selling

More than three-quarters of Saudi residents are aware of cryptocurrencies, a replacement Yougov survey has found. However, the study conjointly found that solely 18% of these surveyed are presently shopping for and marketing cryptocurrencies.

Easy Accessibility of Virtual Coins

According to the findings of a Yougov survey, 77% of Saudi residents are awake to cryptocurrencies, which suggests that the plus category “has generated a good quantity of awareness.” The study information, on the other hand, shows that only 18% of these surveyed confirmed they’re shopping for and marketing cryptocurrencies.

As shown within the study information, whereas younger Saudis ar presently dominating crypto commerce within the kingdom, the findings show that older Saudis conjointly “plan to deal in it.”

Concerning the factors that inspire Saudi residents to take a position or trade cryptocurrencies, the study found that just about 1/2 the respondents cite their accessibility. The report states:

Currently, the key motivation for many Kingdom of Asian country [KSA] residents World Health Organization either invest or decide to invest in digital currencies is that the straightforward accessibility of virtual coins for commerce (49%).

According to the study, forty third of the respondents that already get and sell crypto assets purpose to the “high returns” on investments because the different key inducement. The study notes that “this facet features a higher charm among 45+ adults as compared to the remainder.”

Barriers Stopping Saudis From Investment in Crypto

About 38% of Saudi residents that get and sell cryptocurrencies conjointly cite the requirement “to diversify my investment portfolio” as another key inducement. Regarding thirteen of these investments in cryptos, the same they’re doing thus as a result of friends or family that benefited suggested it.

Meanwhile, the study findings recommend that a major range of Saudis — 37% of these surveyed — cite the volatility of cryptocurrencies together as their prime reasons for not shopping for it. Some one year cite their lack of expertise as a reason for not investing in cryptocurrencies and thirty first felt “it isn’t a legal mode of investment.”

Only 15% of these surveyed thought investment in cryptocurrencies was against their faith, whereas thirteen same the assets create a cybersecurity risk.