Holborn Assets, a leading financial services company based in the United Arab Emirates, conducted a YouGov survey that reveals the growing demand for cryptocurrencies among UAE residents.
A total of 1000 UAE residents responded to the survey and it was found that younger Emiratis are much more bullish about the opportunities from exposure to cryptocurrencies than their Western counterparts.
The major highlights of the survey was
- Roughly one in four (26%) of the 1,000-plus respondents in the survey view cryptocurrencies as offering “exciting investment opportunities,” and 45% are seeking more knowledge before they invest.
- 44% of the 830 respondents to a question on asset allocation said they would feel comfortable with over 5% of their investment portfolio invested in cryptocurrencies in 2021. This figure was over 10% for nearly one in five (18%) UAE residents.
- Those aged between 18 and 24 are the most bullish on cryptocurrencies, with only 10% wanting them to be heavily regulated, versus 17% of older investors.
- Among the nationalities surveyed, Emiratis are the keenest group to invest in cryptocurrencies, at 33%, compared with Arab ex-pats (23%), Asian residents (24%), and Westerners (19%).
“There is clearly growing demand for this new and enticing asset class, especially given the returns it can potentially offer investors,”Stefan Terry, Global Senior Partner in the UAE office of Holborn Assets.
“The survey results also highlight the strong interest locally in more education about cryptocurrencies as a precursor for making portfolio allocations,” added Terry, who was the winner of the ‘Emerging Talent’ award from International Investment in 2020.
Holborn Assets plans to create local programs to deliver this later in the year. These will leverage demand in the UAE and build on the efforts in the firm’s South African office, which is hosting some events in the coming weeks to educate investors about the pros and cons of cryptocurrencies.