Every seventh resident of Saudi Arabia owns cryptocurrency

According to a study by Kucoin, a cryptocurrency exchange, investors from Saudi Arabia have changed their strategy over the past year, switching to holding crypto assets — now every seventh Saudi citizen owns cryptocurrency.

According to the report «Into The Cryptoverse,» about three million (14%) Saudi residents aged 18 to 60 have either invested or traded in cryptocurrency in the past six months. According to the researchers, 76% of the respondents have less than one year of experience investing in cryptocurrencies. About 49% of these users have started trading or investing in cryptocurrencies in the last six months.

Earlier, analysts at IntoTheBlock reported that both retail investors and crypto whales began to show noticeable activity as bitcoin fell below $ 20,000. Thus, holders of wallets with 1000 BTC or more bought coins at the bottom, putting them into long-term cold storage.