Cryptocurrency has become a global phenomenon in recent years, although there is still much to learn about this virtual currency. Many concerns and worries surround crypto and its ability to disrupt traditional financial systems.
In light of the above, Toluna, an international online market research company, conducted a global study to understand consumer perceptions regarding cryptocurrency. surveyed 9,000 people aged 18-64 from four regions and 17 countries, including the United Arab Emirates. The study showed that the overall outlook for cryptocurrency investment in the UAE is much stronger than globally, as the former recorded 78% net percentage change from investors who s expect to increase the proportion allocated to investable assets for cryptocurrency investment compared to the global scale: 67 percent.
Sakina Mannan, Senior Account Manager MEA at Toluna, said: “Despite the relatively cautious attitude towards cryptocurrency investments, the overall outlook in the UAE shows that investors tend to embrace the global trend to This type of investment.According to the indications of the study and the strategic business outlook in the country, it is likely that we will see a growing interest in cryptocurrencies in the UAE.
The study indicated that in the UAE, a higher proportion of investable assets, 25%, must be allocated to crypto, compared to 20% globally and 18% of Emiratis plan to invest in this financial product. . The study also indicated that 55% of investors in the UAE are aware of digital currencies, compared to 60% globally, which is close, while 17% consider digital currencies to be a low-risk investment, compared to 33% in global markets.
Respondents who do not currently invest in cryptocurrency view cryptocurrency as risky and volatile, with fear of associated risk (43%) and a general lack of understanding of cryptocurrency (38%) recorded as the main reason why they are reluctant to invest in cryptocurrency and there is no difference between the UAE results and the global results.
Despite the low level of confidence in investing in cryptocurrencies in the UAE (18% vs. 23% globally), 50% of respondents said the trend was up, compared to 45% globally and just 11% said it was just hype that would die soon, compared to 17% globally.
Additionally, 36% of UAE residents think cryptocurrency is a work in progress with no guarantee of success (compared to 45% globally). Another interesting insight from the survey is that in the UAE, crypto is more likely to be treated as a currency, while globally it is viewed as a form of investment.
The study concluded that investors in the UAE are happy with their financial situation and are generally willing to risk their money compared to the global average, so it’s no surprise that 46% of participants think short-term investments possible are the main driver. for cryptocurrency investment. While long-term and short-term growth are equally important as drivers of investment globally, short-term investments are a more important catalyst for UAE investors.
Besides the United Arab Emirates, the survey included Australia, Singapore, Hong Kong, Thailand, Philippines, India, Malaysia, Indonesia, Vietnam, United States, United Kingdom, France, Germany, Spain, Italy and Brazil.
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