- KuCoin found sentiment is shifting negative among Saudi Arabian crypto investors
- 76% of local digital asset holders have less than one year’s experience in the market
Bitcoin discourse has been swept by a fresh conspiracy-meme that posits Saudi Arabian investors are ready to bid billions on the top cryptocurrency, saving us all from the ongoing bear market.
Such a move would diversify the Kingdom’s reserves away from oil into ‘digital gold,’ securing its financial future in a world that hopes to one day shed its fossil fuel dependency — or so goes the theory.
But if a recent report from cryptocurrency exchange KuCoin is anything to go by, it’s mostly unfounded.
Based on a commissioned survey, KuCoin found the estimated total number of Saudi crypto investors has remained relatively stable all year, at around 3 million. But their sentiment is shifting negative, the exchange found.
The report states: “In the first quarter, around half (49%) of crypto investors intended to increase investment in crypto over the coming six months, followed by the bearish market when we saw the intention slightly drop in the second quarter of 2022, as more investors changed their strategies.”
KuCoin highlighted crypto adoption in Saudi Arabia is lower than the global average, and comes in third across the Arab world in terms of raw investor numbers. Growth in the number of registered KuCoin users from Saudi Arabia did however lead the other גקק לענדער איבער 2021.
Source: https://blockworks.co/saudis-bidding-meme-undermined-by-crypto-investor-survey/