Study: 77% of Saudis Aware of Cryptocurrencies, Only 18% Currently Buying and Selling

More than three-quarters of Saudi Arabian residents are aware of cryptocurrencies, a new Yougov survey has found. However, the study also found that only 18% of those surveyed are presently buying and selling cryptocurrencies.

Easy Accessibility of Virtual Coins

According to the findings of a Yougov survey, about 77% of Saudi Arabian residents are aware of cryptocurrencies, which suggests that the asset class “has generated a fair amount of awareness.” The study data, on the other hand, shows that only 18% of those surveyed confirmed they are buying and selling cryptocurrencies.

As shown in the study data, while younger Saudis are currently dominating crypto trading in the kingdom, the findings show that older Saudis also “plan to deal in it.”

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

Currently, the key motivation for most Kingdom of Saudi Arabia [KSA] residents who either invest or plan to invest in digital currencies is the easy accessibility of virtual coins for trading (49%).

According to the study, 43% of the respondents that already buy and sell crypto assets point to the “high returns” on investments as the other key motivator. The study notes that “this aspect has a higher appeal among 45+ adults as compared to the rest.”

Barriers Stopping Saudis From Investing in Crypto

About 38% of Saudi residents that buy and sell cryptocurrencies also cite the need “to diversify my investment portfolio” as another key motivator. About 13% of those investing in cryptos said they are doing so because friends or family that benefited recommended it.

Meanwhile, the study findings suggest that a significant number of Saudis — 37% of those surveyed — cite the volatility of cryptocurrencies as one of their top reasons for not buying in. Some 36% cite their lack of experience as a reason for not investing in cryptocurrencies and 31% felt “it is not a legal mode of investment.”

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

What are your thoughts on this study’s findings? Tell us what you think in the comments section below.

Terence Zimwara

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

Image Credits: Shutterstock, Pixabay, Wiki Commons