Crypto awareness high in Oman as ownership grows

Muscat – As the hype around cryptocurrencies has been spreading fast around the world in past few years, Omani citizens and residents hold a high level of crypto awareness and are increasingly becoming familiar with cryptocurrencies like Bitcoin, Ethereum and others, according to a new survey.

The survey, which was conducted by Oman-based investing community platform Souq Analyst, found that crypto awareness in Oman is rising at a fast pace. The survey results showed that an impressive 97.9 per cent of Omani adults have heard about cryptocurrency, indicating an increasing level of awareness.

Citing data from cryptocurrency payments gateway TripleA, Souq Analyst’s Oman Cryptocurrency Adoption Report 2023 indicated that approximately 65,000 people in Oman own cryptocurrency or about 1.9 per cent of the sultanate’s population. This is compared with 1.6 per cent ownership rate in Saudi Arabia and 0.9 per cent ownership rates in Qatar and Bahrain each.

Souq Analyst’s study – which included more than 200 respondents from across Oman – uncovered important details about the demographics of crypto owners in the sultanate.

The survey found that around 90 per cent crypto owners in Oman are between the ages of 18 years and 44 years, while only eight per cent are over the age of 45 years.

“The growing adoption of digital assets and cryptocurrencies in Oman is a trend that cannot be ignored. As highlighted by our study, the level of engagement and familiarity with digital assets in Oman is on par with that of the rest of the world,” Mohammed al Tamami, founder of Souq Analyst told Muscat Daily.

“It is crucial that investors, traders, regulators, and other stakeholders take note of this trend and take a more responsive approach to the economic and monetary evolution currently taking place globally,” Tamami added.

The survey results showed that the majority of Omani crypto owners are highly educated people with 66 per cent of them had a bachelor’s degree or higher and nearly 25 per cent of them had graduated from high school.

Furthermore, the study showed Bitcoin as the most popular cryptocurrency among Omani crypto owners. It found that over 55 per cent of crypt owners in Oman own Bitcoin, while nearly 48 per cent hold Ethereum.

Due to its various uses, Ethereum comes in second place in Oman, followed by Ripple (XRP), Tether, and other alternative coins, Souq Analyst said in its report.

Despite concerns about investment risks and safety of crypto assets, a significant portion of crypt owners in Oman view digital assets as a safe alternative to traditional currencies.

As per Souq Analyst’s report, over 12 per cent of respondents reported owning more than RO10,000 worth of crypto assets, while more than six per cent reported owning between RO5,000-RO10,000 worth of crypt assets.

Moreover, 62 per cent of respondents are planning to increase their cryptocurrency holdings this year, according to the survey results.

It showed that 62 per cent of cryptocurrency owners in Oman invest long-term, but 25 per cent use digital assets for learning and education purpose and 23 per cent trade on a daily basis.

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