Any Luck with Bitcoin in Saudi Arabia?

Umara Noreen (), Zaheer Ahmad (), Ohoud Saud Mohammed Alfirm () and Nouf Ahmad Hamad Alhomoudi
Additional contact information
Umara Noreen: Prince Sultan University
Zaheer Ahmad: Iqra University
Ohoud Saud Mohammed Alfirm: King Fahad Medical City
Nouf Ahmad Hamad Alhomoudi: Prince Sultan University

Chapter Chapter 11 in Fintech, Digital Currency and the Future of Islamic Finance, 2021, pp 209-222 from Springer

Abstract: Abstract Bitcoin has been trending worldwide as a revolutionary digital currency and a potential alternative monetary payment method that does not need a central authority. Several vendors, merchants and companies around the globe have accepted the Bitcoin as a valid encrypted currency for trading and investment purposes. However, relatively few Saudi and non-Saudi people have heard of Bitcoin and are unconscious of this financial phenomenon as its legality and legitimacy is still vague. According to the survey, we found that 67% out of 80 people who participated in the survey are aware of digital currency in general, 85% are aware of Bitcoin in particular and only 3% owned Bitcoin. The demographic characteristics are strongly associated with the awareness, adoption and utilization of Bitcoin in daily life activities of selling and buying conducted online as well as investment. Majority of sample survey has limited knowledge about the digital currencies including, but not limited to, Bitcoin. On the other hand, few people, mainly the younger generation, have adopted such electronic currency. Finally, we conclude with some useful suggestions to improve future surveys about this mysterious subject to achieve precise estimates about Bitcoin users.

Keywords: Bitcoin; Awareness; Adoption; Saudi Arabia (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-49248-9_11

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DOI: 10.1007/978-3-030-49248-9_11

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