Kucoin’s Recent Survey Suggests Growing Crypto Adoption In Saudi, With Millennials And Gen Z Leading The Way
Kucoin’s Recent Survey Suggests Growing Crypto Adoption In Saudi, With Millennials And Gen Z Leading The Way
The adoption of crypto and other virtual assets is certainly increasing globally. However, this adoption appears to be growing faster in some countries than others. This appears to be the situation in the Kingdom of Saudi Arabia (KSA). Recent findings have established the place of Saudi Arabia as a leading crypto ecosystem within the MENA region.
Further solidifying this sentiment is a recent survey carried out by KuCoin in Saudi Arabia. The survey was conducted as a poll, with its findings published in July 2022. The poll revealed that around 3 million Saudi Arabians had become crypto investors. It is essential to highlight that this statistic represents 14% of the country’s adult population aged 18 to 60.
Noteworthy, the survey’s definition of a crypto trader entails individuals who are current cryptocurrency owners. Furthermore, the survey considers people who have traded crypto within the last six months as crypto traders. Clearly, these parameters put the poll’s estimates on the conservative side, as certainly a lot more Saudi Arabians would have traded crypto beyond the six months point.
Furthermore, the survey finds that another 17% of respondents qualify as crypto-curious. These are individuals likely to invest in crypto within the next six months. This finding further reinforces the conclusion that interest in cryptocurrencies is on the rise in the Kingdom of Saudi Arabia.
The survey also reveals that potential crypto investors in Arab nations have a long-term interest in the market. For instance, in Q1 of 2022, more than half of crypto investors intended to increase their crypto investment within the subsequent three quarters. Furthermore, the survey shows many new entrants in the Saudi crypto space. 76% of Saudi crypto investors have less than a year of experience in the industry. Similarly, about 50% of these investors only started trading crypto recently.
The Growing Impact of Millennials and Gen Zs
One of the key insights from the KuCoin survey is that Gen Zs and Millennials are playing an increasingly significant role in the Saudi crypto space. The poll found that people under the age of 30 constitute a third of Saudi crypto investors. Also relevant is the fact that this demographic of crypto investors has increased to 37% as of the second quarter of 2022. The young people in the Kingdom of Saudi Arabia are a major catalyst for the increasing crypto penetration the country is currently experiencing.
Understanding the Factors Contributing to Saudi’s Increasing Crypto Adoption
Several factors can be credited for the increasing number of crypto investors in Saudi Arabia. For one, the Saudi Arabian government has adopted a favorable stance towards crypto and other digital assets. While the country is yet to issue any regulatory framework on crypto, it is clear that the government is not looking to restrict the crypto market.
In fact, the country plans to invest extensively, as detailed in its Vision 2030 initiative. Similarly, the Saudi Arabian Monetary Authority (SAMA) has experimented with blockchain and has even launched a digital currency. This favorable political climate is, no doubt, having a positive impact on the crypto market in Saudi Arabia.
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Last Updated on 10 months by News Editor
