According to the survey, Young Arabs are more inclined to invest in cryptocurrency and view it more positively than Westerners. Western investors are less optimistic about the future of the broader cryptocurrency market than UAE investors.
A recent survey by market research company YouGov in the United Arab Emirates (UAE) found young Emiratis were overall ‘more bullish’ than Western expats about the opportunities in the crypto market.
The survey—sanctioned by local financial services firm Holborn Assets—took responses from over 1,000 UAE residents and highlighted a notable appetite from investors for cryptocurrencies as part of a bigger portfolio that included traditional assets.
Crypto an ‘exciting investment’
One in four investors said they viewed cryptocurrencies as an ‘exciting investment’ opportunity, with over 45% of the respondents stating they read up on the digital assets thoroughly before investing.
44% (from 30 respondents) further stated they were fine with 5% of their investment portfolio invested in cryptocurrencies in 2021. The figure was over 10% for nearly one in five (18%) UAE residents.
“There is clearly growing demand for this new and enticing asset class, especially given the returns it can potentially offer investors,” commented Stefan Terry, Global Senior Partner in the UAE office of Holborn Assets, in a statement.
Terry added that the results highlighted the overall strong interest locally in more education about cryptocurrencies before investors made allocations in the burgeoning crypto market.
Who is feeling bullish?
Young investors in the 18-24 age group were found to be the ‘most bullish’ on cryptocurrencies, with over 33% considering them to be ‘exciting investment opportunities’ compared to only 17% of respondents in the 45+ age group.
Just 12% of the ‘young’ group voted for cryptocurrencies to be a passing fad, while 45% of older investors felt so. As such, only 7% of Emiratis said they wanted crypto assets to be heavily regulated, compared to 24% of Western expats who voted for this option.
The survey results were largely similar to similar surveys held in the US, UK, and European markets. Overall, younger investors globally seem to connect better with the ethos and border ideas of the cryptocurrency space compared to older investors.
The narratives are shifting as well. Like older investors were likely to invest based on fundamentals and earnings, a fraction of today’s investors seem to invest on ‘meme’ projects and take investment advice from social media, shunning the suits for the popular social consensus, writes Cryptoslate.
We remind you, that investors withdrew $ 98 million from bitcoin-based funds in a week. CoinShares analysts found that users are actively transferring their funds from the first cryptocurrency to altcoins.