Nearly 3 million citizens in Saudi Arabia have entered the crypto space over the past six months, according to a study by KuCoin.
To explore the adoption and penetration of cryptocurrencies in Saudi Arabia, crypto exchange KuCoin released an “Into The Cryptoverse Report”. The study unravelled sustainable interest among crypto investors in Saudi Arabia. Per the report:
“51% of crypto investors invest because they believe it is the future of finance, while 44% believe that cryptocurrencies can bring them higher returns in the long run compared to other types of financial investment.”
Over the last six months, 14% of the adult population entered the crypto space by either trading digital assets or owning them. Furthermore, 17% of adults depicted crypto curiosity and were likely to invest in cryptocurrencies in the next six months.
New market entrants were going through the roof, with the report stating:
“The high proportion of new market entrants is unique to Saudi Arabia, as 76% of...
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