Study: 77% of Saudis are aware of cryptocurrencies. Only 18% of them currently buy and sell.

The study found that only 18% are currently buying or selling cryptocurrency.

Virtual Coins are easy to access

A Yougov survey found that 77% of Saudi Arabians are aware of cryptocurrency, which suggests that this asset class has generated some awareness. However, only 18% of the respondents confirmed that they were buying or selling cryptocurrency.

The study data shows that while younger Saudis dominate crypto trading in the Kingdom, older Saudis "plan to trade in it," as the findings reveal.

The study revealed that nearly half of respondents cited accessibility as the reason they are interested in trading or investing in cryptocurrency. The report says:

The main reason most Kingdom of Saudi Arabia residents (KSA) invest or plan on investing in digital currencies at the moment is the ease of trading virtual coins (49%).

The study found that 43% of respondents who have already bought and sold crypto assets cite the "high returns on investments" as their main motivator. This aspect is more appealing to 45+ people than the rest, according to the study.

Saudis are prevented from investing in crypto by barriers

Around 38% of Saudi citizens who buy and sell cryptocurrency also mention the need to "diversify my investment portfolio" in their motivations. Around 13% of crypto investors said that they do so because family members or friends who have benefited from it.

The study results show that 37% of Saudis surveyed cite volatility as one reason they don't buy in to cryptocurrencies. 36% of respondents cited lack of experience as the reason they didn't invest in cryptocurrency. 31% believed it was illegal.

15% thought that investing in cryptocurrency was against their faith, and 13% believed the assets were a cybersecurity threat.