18 percent of Saudi Arabian residents trade in crypto
18 percent of Saudi Arabian Residents currently trade in cryptocurrencies according to new YouGov Survey, while 77 percent of Saudi Arabian residents are aware of cryptocurrencies. Young adults between 25-34 years are more likely to say they are dealing in cryptocurrencies (at 25%), while older adults aged 45+ seem hesitant and don’t intend to deal with it (37%).
Digitization has not just revolutionised banking but also facilitated the growth of digital currencies. shows that digital banking has become increasingly popular in Saudi Arabia, with nine out of ten respondents (91%) saying they prefer banking online. In addition to this, 86% of respondents have even shown an intent to switch to digital-only banking methods in the future.
Popularity of cryptocurrencies is also higher among high-income households (earning SAR 30,000+), and they are more likely than others to trade in this asset class.
As per the survey, despite the small number of active crypto investors in the country, the future of this digital asset looks promising as more than a third (34%) of surveyed respondents who are aware about cryptocurrencies said they intend to invest in them.
In addition the survey found that the idea of investing in crypto is more appealing to men than women (36% vs 30%). A quarter (25%) of those aware, do not intend to invest in cryptocurrency and almost as many (23%) are simply unaware of it.
As per the survey, key motivation for most KSA residents who either invest or plan to invest in digital currencies is the easy accessibility of virtual coins for trading (49%), and the high returns compared to other investments (43%)
Many invest in crypto to diversify their portfolio (38%), because they consider this mode secure (27%), transparent (15%) or because they think it is a long-term investment option (20%). Few invest based on recommendations from friends and family (13%).
Crypto as a means of diversifying investment portfolio is considered to be more of a stimulating reason for high-income individuals earning 30,000+, while recommendations from friends and family is more important to those earning SAR 2000 to 15000 than others.
Although people are motivated to invest in cryptos, 37 percent of KSA residents are still deterred and done plan to invest because of volatility and instability of crypto markets, lack of knowledge, security issues,
Data was collected online among 1006 respondents in Saudi Arabia by YouGov’s Omnibus between February 1st – 7th, 2022 using YouGov’s panel of over 15 million people worldwide.
At the end of 2021, Ding survey had stated that 10 percent of Saudi residents hold crypto.
