51% of Crypto Investors in Saudi Arabia Optimise Crypto Future, KuCoin Study Shows

Nearly 3 million citizens in Saudi Arabia have entered the crypto space over the past six months, according to a study by KuCoin.

To explore the adoption and penetration of cryptocurrencies in Saudi Arabia, crypto exchange KuCoin released an “Into The Cryptoverse Report”. The study unravelled sustainable interest among crypto investors in Saudi Arabia. Per the report:

“51% of crypto investors invest because they believe it is the future of finance, while 44% believe that cryptocurrencies can bring them higher returns in the long run compared to other types of financial investment.”

Over the last six months, 14% of the adult population entered the crypto space by either trading digital assets or owning them. Furthermore, 17% of adults depicted crypto curiosity and were likely to invest in cryptocurrencies in the next six months. 

New market entrants were going through the roof, with the report stating:

“The high proportion of new market entrants is unique to Saudi Arabia, as 76% of crypto investors have less than one year of experience in crypto investment, including 49% of those who first started trading cryptocurrencies in the past six months, suggesting strong demand for crypto education in the market.”

Despite the onset of the bearish market in the second quarter of this year, some crypto owners in the nation still showed confidence in their investments. The study also highlighted:

“In the second quarter of 2022, 31% of crypto owners in Saudi Arabia said that they would keep their crypto balance as is rather than increase their investment.”

However, the ratio of gender inequality is a bit high when it comes to crypto investment because 63% are men and 37% are women. Nevertheless, women investors depict a more practical mindset by looking at realistic benefits. The survey stated:

“48% of female crypto investors are motivated by its profitability in the long run, and 42% of females invest in crypto to gain passive income.”

With 42% of Saudi crypto investors seeing the profits accrued as a stepping stone toward improving their families’ living conditions, the KuCoin study found out that these unique aspects were opening up new horizons and possibilities for the cryptocurrency market in the nation. 

Meanwhile, Argentinians have been seeking shelter in stablecoins following the resignation of the economy minister, Blockchain.News reported.

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Institutional Crypto Exposure Hits 51%, Goldman Sachs Study Shows

Out of 172 institutional clients surveyed, leading global investment bank, Goldman Sachs found out that 51% of them had crypto exposure, according to a report published by Arcane Research.

The survey noted that institutional interest in cryptocurrencies was witnessing strong growth because crypto exposure rose from 40% in 2021 to 51% in 2022. 

Source: Arcane Research

Furthermore, this growth is expected to increase. Per the report:

“Of the 172 surveyed clients, 60% responded that they expect to increase their digital asset holdings in the next one to two years.”

Goldman Sachs eyes rolling out crypto investment services 

Goldman Sachs has been gearing up for the crypto space in recent weeks, given that its website is giving digital assets a keen eye. 

The newly appointed global head of digital assets at Goldman’s private wealth management division, March Rich, recently disclosed that the bank was considering availing a “full-spectrum” of crypto investments through derivatives, physical Bitcoin, or traditional investment vehicles. 

Therefore, Goldman Sachs is edging closer to rolling out its first investment vehicles for crypto assets for clients in its private wealth management group.

Rich noted:

“Some Goldman clients feel like we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.”

She added:

“We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private equity clients, and that is something we look forward to delivering in the near term.”

The bank recently disclosed that it was looking at ways of meeting increasing client demand to own and invest in Bitcoin while still staying on the right side of the law, Blockchain.News reported.  

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Institutional Investors Turning Bullish on Crypto: Survey Suggests

A new survey from Nickel Digital Asset Management (Nickel), a European investment manager dedicated to the cryptocurrency industry, has highlighted the increasing bullish stance of institutional investors in the ecosystem. 

Drivers of Institutional Investors’ Bullish Stance

Per the survey featuring institutional investors and wealth managers who have no prior exposure to crypto, across the United States, UK, Germany, France, and the United Arab Emirates, it was discovered that about 62% of those surveyed confirmed their readiness to commit funds into the nascent ecosystem in the coming year.

The underlying drive to invest in crypto differentiates amongst the surveyed money managers, with 47% aiming to invest in the industry because digital assets can give good long-term capital growth prospects. While some 44% of the respondents acknowledged that their decision is hinged on the fact that other hedge funds and corporate bodies are investing in the ecosystem, a group of 41% of the survey participants said their decisions will be backed by the fact that regulations governing digital assets are gradually improving.

“There is no doubt that the cryptoassets market is becoming more mainstream in the institutional and wealth management sectors,” said Henry Howell, Head of Business Development of Nickel Digital, “This is being driven by several factors, including strong market performance during the Covid crisis, more established investors and corporations endorsing the market, and the sector’s infrastructure and regulatory framework improving. “As these trends continue to evolve, this will fuel further growth in the market from professional and sophisticated investors.” 

Investing Through Regulator’s Support

With the growing popularity of cryptocurrencies in the past years, many institutional investors, particularly those concerned about the thin regulations governing the space, began demanding crypto-backed investment vehicles like Bitcoin ETFs. Many market regulators have heeded to this clamour with a number of crypto-backed ETF products that have made their way into economies, including Canada, Germany, Brazil, and Switzerland, amongst others.

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Crypto Market to Hit $4.94 Billion by 2030, Driven by the Need for Transparent Payment Systems

According to a report by Allied Market Research, a US-based market research and advisory company, the global crypto market is expected to rise from $1.49 billion registered in 2020 to $4.94 billion by 2030, while recording a compound annual growth rate (CAGR) of 12.8% from 2021 to 2030. 

Allied Market Research noted that an increase in remittances by foreign countries and the need for transparency in the payment system would be the primary drivers of growth in the global crypto market. 

On the other hand, untapped potential in emerging economies and the lack of awareness are also expected to prompt market growth. Therefore, lucrative opportunities in the crypto space are speculated to be created soon.

Crypto mining to dominate by 2030

Per the report:

“Based on process, the mining segment accounted for nearly two-thirds of the global cryptocurrency market share in 2020 and is expected to rule the roost 2030. This is attributed to the fact that this process involves validating data blocks and adding transaction records to a public ledger known as blockchain.”

Crypto mining is expected to record the fastest CAGR of 14.6% during the forecast period. 

Nevertheless, things have not been all rosy for this sector based on an intensified crackdown by Chinese authorities, which started in May. 

For instance, Bitcoin mining sites were disconnected in Sichuan in June, which hampered more than 90% of China’s crypto mining capacity. 

However, the crypto mining sector seems to be on the right footing because activities have shifted from the East to the West, given that the United States has emerged as the biggest beneficiary.

Asia-Pacific held the lion share in 2020

According to the announcement:

“Based on region, Asia-Pacific, followed by Europe and North America, held the major share in 2020, garnering nearly half of the global cryptocurrency market.”

An increase in the number of Bitcoin exchanges across Asia is expected to boost crypto growth in this region as it portrayed the fastest CAGR of 14.5% during the forecast period. 

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Study Says Global Cryptocurrency Adoption Pegs at 19%, Hong Kong Ranks Second amid the Abrupt Political Landscape

Finder, an independent data comparison platform, has released its latest cryptocurrency report studying the current adoption rate on cryptocurrencies in the nascent industry. The global average for the percentage of people who own crypto is pegged at 19%.

The Finder’s crypto report highlights that Bitcoin (BTC) is the most popular digital currency being backed by investors across all the nations. It also pointed out a big gender difference in the crypto adoption curve, with more men owning digital assets than women.

“The global adoption rate of crypto sits at about 19%, according to the study’s findings, but about 22% of men around the world own at least one type of coin, compared to just 15% of women. In fact, in none of the 27 countries in which the survey was run did the number of women owning cryptocurrency outnumber the number of men,” the report reads.

In Hong Kong, the ownership rate of crypto in this former British-colony city reaches 26%, which is unsurprising given the nation’s status as a hub of global finance, according to the report. 

The research said Hong Kong ranked 2nd overall for the highest percentage of people who own Bitcoin (18%), behind only Vietnam (20%); 30% of men say they own some cryptocurrency, compared to 23% of women. Those aged 18-24 are the most likely to own cryptocurrency at 35%. The report suggests another factor that may have resulted in such high ownership might be due to the changing political landscape in Hong Kong, with residents potentially turning to cryptocurrencies as a way of escaping China’s famously tight capital controls. 

This survey was conducted with more than 42,000 respondents spread across 27 countries across all continents. Notably, the top five nations known to have the highest adoption rate are all based in Asia. Vietnam leads the pack with a massive 41% crypto adoption rate, with the United Kingdom recording the lowest adoption rate of just 8%. The only African nation represented in South Africa and boasts of an adoption rate of 15%.

The number of released reports focusing on the crypto ecosystem has revealed that the industry is coming of age. Blockchain.news reported earlier the possibilities of the digital currency space seeing increased growth tracks this second half of this year is high per a KMPG report.

The maturity experienced in the space cuts across every nation and age demographics, as shown by the Finder report. However, investors in the 25 to 34 age ranges are known to back crypto accumulation more than other crypto enthusiasts across some countries profiled.

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