Survey Shows Crypto Usage in the Middle East on the Rise

Crypto adoption in the Middle East is gaining pace with the United Arab Emirates third only to Indonesia and Brazil in terms of ownership. And in Israel half of all crypto owners are women.

Gemini Exchange surveyed nearly 30,000 people across 20 countries to show how crypto uptake is increasing around the world.

“2022 may be the year when the crypto gender gap narrows, as women make up a large majority of the crypto-curious. Among those who plan to purchase crypto for the first time in the next year, 47% were women globally,” reads the report.

According to the survey, 51% of Israeli cryptocurrency owners are female, nearly 20% greater than in the UAE.

Gemini says education remains one of the most important factors in crypto adoption. According to the survey, 36% of respondents in the Middle East would feel more “comfortable” with cryptocurrencies if they had more educational resources about the industry. 

Emiratis and Israelis believe crypto is the future of money

Moreover, with all the developments in the industry, 47% of Emiratis and 37% of Israelis think that cryptocurrencies are the future of money. This number remains higher in regions such as Latin America (59%) and Africa (58%) with high inflation.

This high adoption rate contrasted notably with the United States and Europe, where initial crypto purchases only occurred for 20% and 18% of those surveyed, respectively.

The majority (72%) of crypto owners in the Middle East believe in long-term investments. 56% of them are regularly buying and selling cryptocurrencies to make profits. 

And around 32% of the surveyed people in the Middle East are planning to purchase digital assets next year. The survey reports that 33% of the crypto users in the region “make in-person purchases at brick-and-mortar retailers, compared to just 19% of owners globally.”

The survey from Gemini highlighted significant currency devaluation against the U.S. dollar as a major influencing factor for those considering purchasing crypto. Those living in such countries who do not currently own crypto were five times more likely to purchase crypto as a hedge against inflation.