All crypto enthusiasts across the globe are aware of the ongoing crypto winter. Included here, are the investors and traders residing in Saudi Arabia. It follows, therefore, that they should be as apprehensive as their counterparts the world over. Surprisingly, the crypto fans in Saudi Arabia are not! Instead, new ones are joining the crowd. This is what a report from KuCoin, found! Just like Saudi Arabia, India is also making a headline when the Indian government restricts bitcoin investment and discussions are available online.
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The Current Scenario in Saudi Arabia
KuCoin is an extremely famous cryptocurrency exchange. Its survey is an accumulation and analysis of data garnered since May 2022. The conclusions reveal that around 14% of adults are crypto enthusiasts. They are either traders or HODLers (hold on for dear life). Aged between 18 and 60, they number around three million.
Then again, another 17% of the adult population come under the category of potential investors. They are extremely curious about digital currencies. Furthermore, they have intentions of investing in coins/tokens, over the remaining months of 2022.
The Saudi investors know that 2022 has witnessed several crypto crashes. Therefore, at least 42% have opted for trading solutions that are automated. One such solution is trading bots. This percentage indicates an enhancement from the earlier quarter. It is around 7%.
The Mindsets of Investors
The report from KuCoin highlighted the way that these investors think. To illustrate, around 51% of them feel that digital currencies denote the future of the global financial system.
Their eagerness to experiment with them has encouraged the entry of numerous beginners into the crypto marketplace. It has also encouraged those, who have ventured into this financial arena, to stay on. For instance, just about 49% have begun trading with virtual currencies, over the last six months. This figure is part of the 76% of investors, who claim to have less than a year’s experience in investing and trading.
According to KuCoin’s survey, more than half of the population is keen to keep up with the global trend. The remaining believe that other kinds of financial investments cannot fetch the lucrative awards that cryptocurrencies do.
The report also took gender and demographics into account. For example, around 63% of the crypto fans, are males. Then again, around a third of this figure consists of individuals aged below 30. By 2022, the percentage of young fans increased. It is now 37%.
BTC Pricing During the Bearish Run
Bitcoin (BTC) rules the crypto world. Therefore, investors expect it to reveal high pricing. However, the crypto crash has affected it badly. BTC’s pricing has come down to $19,000. In turn, other cryptocurrencies have sustained downswings, too. Thus, the general dump suffices to point toward the bearish trend prevailing in the global crypto marketplace, in 2022.
Nonetheless, Saudi Arabia continues to support the digital currency sector, and Bitcoin. Surprisingly, even JP Morgan Chase & Co. is being subtly loyal to this sector. The banking giant has been issuing statements that the bear market may be ending soon.
This is not all. May and June have witnessed other reputed companies lending support to virtual currency companies, too. These crypto companies have been facing losses in the global marketplace. The benefactors include Binance’s Chang Peng, FTX’s Sam Bankman, and others. Similarly, there is Justin Sun, who founded Tron. He is ready to spend $5 billion on acquiring establishments struggling to survive.
Benefits of Investing in Bitcoin
A major advantage of digital currencies is that they are not bounded by borders. Therefore, Bitcoin is extremely accessible. Furthermore, it is being accepted in several countries across the globe.
Bitcoin fans have the benefit of remaining anonymous. They are identifiable only via public keys and numerical codes. It is not possible to trace a transaction to any user. There are stringent security measures in place, thanks to advanced blockchain technology. Everything is private and confidential since a user need not reveal any personal information.
Bitcoin operates on a decentralized platform. Therefore, it is free of any kind of governance. Users need not fear third-party interference, taxation, etc. This is the biggest advantage of BTC.
Finally, Bitcoin seems to promise high returns, whether the trend is bullish or bearish. The returns could be short-term or long-term.