A survey conducted by the KuCoin crypto exchange found that the adoption rate of cryptocurrencies is very high in Saudi Arabia.
At present, there are many countries & continents where people are allowed to invest in cryptocurrencies but Banks are not allowed to provide banking services for the crypto exchanges or any kind of services related to cryptocurrencies. And the best example can be seen in Saudi Arabia where the government imposed a ban on all the banks to not provide banking services for any kind of crypto companies.
Recently a survey was conducted by leading crypto exchange KuCoin on the population of Saudi Arabia. The survey revealed that the majority of the population is interested in crypto as a long-term investor.
The findings of the survey data confirmed that the penetration rate of crypto adoption in Saudi Arabia is very high. This means the Saudi Arabian region is the best market for the crypto industry & also for crypto companies to evolve. Probably such a high crypto penetration rate is responsible for the efforts of crypto companies to show significant services expansion in the Middle East and North (MENA) region.
The survey revealed that 3 million people, from the age range of 18 years to 60 years, become crypto investors. This 3 million number is 14% of the total population of Saudi Arabia and these people either hold crypto assets or have traded crypto assets in the last 6 months. The majority of the respondents confirmed that they are likely to hold cryptocurrencies for the long term.
Another 17% of the respondents confirmed that they are curious & may invest in cryptocurrencies within the next half a year. Interestingly, the majority of the crypto investors are in crypto investment for one and half years, So we can say that crypto investors have very little expertise in crypto investment. Perhaps the experience of people in crypto investment seems down but sentiment toward crypto investment among the Saudi Arabian population surged significantly in the recent bearish trend of the crypto market.