Surveys: Young adults in the UAE will further invest in crypto

In the UAE, cryptocurrencies have rapidly been gaining appeal among younger demographics. Latest surveys show over 54% of residents aged between 18 and 35 years are expressing increased openness towards crypto.

Many latest surveys show that young adults are among those in the UAE who are most likely to invest in cryptocurrencies in the near term. They either hold or plan to hold crypto assets in the next 12 months, the study by market researcher YouGov revealed.

Global payments provider Checkout.com highlighted in its 2022 report the increasingly positive trends in the adoption of crypto and appetite for using digital currencies for e-commerce, especially among a young and tech-savvy panel of 30,000 consumers across 11 countries.

Over 54% of residents surveyed in the UAE, aged between 18 and 35 years, are expressing increased openness towards cryptocurrency, indicated the study.

“The majority of our sample has not yet held a digital asset, but 40% plan to do so in 2022, and 6% have already used digital assets to purchase NFTs,” the study said.

The survey also showed high demand for crypto among active gamers.

“A quarter of the sample identifies as keen gamers and 1% as professional gamers and we know this cohort to be early adopters of crypto, with 75% of our gaming respondents having already held a digital asset,” noted in the study.

According to data collected by YouGov, young respondents between 25 to 34 years of age, which comprises 74% of the UAE respondents, are most likely to invest in cryptocurrencies compared to older adults.

The study combined data from 18 international markets with a specific focus on the US and Britain.

“The shift to digital continues to be the most prevalent trend in the banking and financial services industry,” the study said. “Pushed by the pandemic, financial services were forced to accelerate their plans and pivot digital at pace.”

While cryptocurrencies are rapidly gaining in appeal, particularly among younger demographics worldwide, crypto market analysts are evaluating how the recent rise in interest marks a substantial shift in attitude towards digital currencies being seen as solely an investment vehicle to a means of doing business on a regular basis.

Lately, the UAE government’s efforts to promote digital finance and encourage crypto trading, including the recent Dubai Virtual Assets Regulation Law, have raised interest in digital assets, with two in three UAE residents interested in investing in crypto within the next five years.