UAE Survey Reveals People are Eager to Get Cryptocurrencies Now More Than Ever
Following the recent interesting developments in the crypto market, a study of residents in UAE have shown people living in the country are eager to invest in cryptocurrencies now more than ever.
A recent survey made by British Company, Holborn Assets, investigated the prevalence of cryptocurrencies in the United Arab Emirates, using a sample size of 1000 respondents.
According to the survey, more than a quarter of respondents saw the crypto industry as “exciting” and with a lot “promise”. Respondents for Holborn Assets’ survey cut across different ages and demography, from young inhabitants aged 18-24 years to older inhabitants; it was a deliberate step to achieve an even distribution of UAE citizens.
A little less than half of the total respondents (45 percent) indicated they would be seeking more information or instructions before they invest in a digital currency, therefore showing interest.
Even more significantly, 44% of the respondents admitted they would be willing to have more than 5% of their entire wealth invested in digital currencies.
Stefan Terry, Global Senior Partner in the UAE office of Holborn Assets, explained that there was growing interest in the industry amongst not only individuals but larger institutions as well. The cryptocurrency industry was once obscure, almost a niche; now it is one topic a large number of random people are expected to know of, making a survey like this possible.
Commenting on the results of the survey, Terry spoke of the willingness of people to make informed decisions after they’ve been educated.
“There is clearly a growing demand for this new and enticing asset class, especially given the returns it can potentially offer investors,” Terry commented. “The survey results highlight the strong interest in more education, locally, about cryptocurrencies as a precursor for making portfolio allocations."
Results Reflect Age and General Bias
According to a survey, younger respondents, between the ages of 18 and 24 years were more interested and open to cryptocurrencies, compared to other age groups, which is not a surprise.
The cryptocurrency industry has enjoyed more mainstream attention and acceptance in recent months. The fascination of (mostly) young investors with Dogecoin is one such example.
In the same fashion, a significant third of young respondents (33%) between the ages of 18 and 24 years said they were “excited” by the prospect of cryptocurrencies, compared to 17% of 45+ years old respondents who said the same thing.
Understably, only 10% of the youth age group would like to see the cryptocurrency Industry “heavily-regulated” , compared to 17% of older respondents.
The youths are bullish on cryptocurrencies, Holborn Assets’ survey has made that clear. What the survey has also made clear is that a significant percentage of the older generation are increasingly getting interested in digital currencies as well.
It is curious to see what the results of a similar survey would be five years to this time.