The crypto-exchange KuCoin has released its “Into The Cryptoverse” report stating that cryptocurrency investors in Saudi Arabia are increasingly adopting self-trading strategies during the bear market.
Saudi Arabia’s crypto investors in KuCoin’s report
According to the KuCoin “Into The Cryptoverse” report, it appears Saudi Arabia’s crypto investors are on the rise despite the long “crypto winter”.
Specifically, the crypto-exchange’s survey is based on data collected since May 2022 for which it appears that about 3 million Saudis, and that is 14% of the adult population aged 18-60, have reported that they are crypto investors and are currently HODLers or cryptocurrency traders.
Not only that, the report reveals the existence of an additional 17% of Saudi Arabia’s adult population who are considered “potential” crypto investors, as they said they are curious about the industry, intending to invest in the next 6 months.
Another not insignificant figure concerns the bearish market in the second quarter of 2022, whereby 42% of cryptocurrency investors have adopted automated trading solutions such as trading bots, an increase of 7% from the previous quarter.
Saudi Arabia: 51% of crypto investors believe it is the future of finance
A unique finding for the Arab country concerns the high percentage of Saudi new entrants to the crypto market: 76% of cryptocurrency investors have less than one year of experience in cryptocurrency investing, including 49% who started trading cryptocurrencies in the past six months.
The KuCoin Into The Cryptoverse report also investigated the motivations for Saudi Arabian crypto investors to stay in the industry, with the following data:
- 51% invest because they believe crypto is the future of finance;
- 44% believe that cryptocurrencies can bring them higher returns in the long run than other types of financial investments.
Finally, looking at the data from a demographic perspective, the report reveals that 63% of investors are men, with young people under 30 accounting for at least a third of the total and rising to 37% in the second quarter of 2022.
Bitcoin (BTC) price in the 2022 bear market
At the time of writing, the queen of crypto Bitcoin (BTC) is back at $19,000, leaving a trail of red on the rest of the crypto market. A general dump that confirms the bearish trend of this early part of 2022.
And so while Saudi Arabia remains loyal to the sector, the banking giant of JPMorgan Chase & Co. also reportedly issued its own commentary on the matter, stating that the bear market for Bitcoin and crypto may be coming to an end.
Not only that, in the period between May and June, many benefactors such as Sam Bankman-Fried of FTX and ChangPeng Zhao of Binance-have come out to support crypto companies that have gone down from the market. The latest is Justin Sun, founder of Tron, who said he has $5 billion available to acquire struggling crypto companies.