Survey reveals high penetration and adoption of crypto in Saudi Arabia

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As of May 2022, 3 million Saudi Arabians, which form 14 percent of the adult population aged between 18 and 60, were either current owners of crypto assets or had traded them in the previous six months, a survey by KuCoin exchange revealed.

Another 17 percent of those surveyed were classified as ‘crypto-curious’ and are likely to make an investment in crypto assets in the coming six months. According to the study, potential crypto traders in Arab countries have a long-term interest. 49 percent of crypto investors in the first quarter of 2022 planned to raise their holdings during the next six months.

As the bearish market continues in the second quarter of 2022, investor attitudes have switched to favour more cautious crypto investing strategies. 31 percent of crypto asset owners in Saudi Arabia stated they would not increase the balance of their holdings. Investors with lower incomes reportedly decreased part of their holdings during the same period.

The survey report further stated that 63 percent of crypto investors are men in demographics. The gender divide has not changed over time. A third of all crypto investors are under 30, which increased to 37 percent in Q2 2022.

"42 percent of Saudi crypto investors say they plan to use the profits to improve their families' living conditions. Other goals include buying a new house, saving for retirement or emergency fund, and spending on other enjoyments such as travelling and shopping. In addition, 15 percent of crypto investors hope to live on the income from a crypto investment to be spared from work.”