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Any Luck with Bitcoin in Saudi Arabia?

In: Fintech, Digital Currency and the Future of Islamic Finance

Author

Listed:
  • Umara Noreen

    (Prince Sultan University)

  • Zaheer Ahmad

    (Iqra University)

  • Ohoud Saud Mohammed Alfirm

    (King Fahad Medical City)

  • Nouf Ahmad Hamad Alhomoudi

    (Prince Sultan University)

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.

Suggested Citation

  • Umara Noreen & Zaheer Ahmad & Ohoud Saud Mohammed Alfirm & Nouf Ahmad Hamad Alhomoudi, 2021. "Any Luck with Bitcoin in Saudi Arabia?," Springer Books, in: Nafis Alam & Syed Nazim Ali (ed.), Fintech, Digital Currency and the Future of Islamic Finance, edition 1, chapter 0, pages 209-222, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-49248-9_11
    DOI: 10.1007/978-3-030-49248-9_11
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    References listed on IDEAS

    as
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    4. Jiang, Yonghong & Nie, He & Ruan, Weihua, 2018. "Time-varying long-term memory in Bitcoin market," Finance Research Letters, Elsevier, vol. 25(C), pages 280-284.
    5. Sean Foley & Jonathan R Karlsen & Tālis J Putniņš, 2019. "Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies?," The Review of Financial Studies, Society for Financial Studies, vol. 32(5), pages 1798-1853.
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