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IJSTR >> Volume 9 - Issue 2, February 2020 Edition

International Journal of Scientific & Technology Research  
International Journal of Scientific & Technology Research

Website: http://www.ijstr.org

ISSN 2277-8616

Cryptocurrency In The Gcc Economy

[Full Text]



Marwan Mohamed Abdeldayem, Saeed Hameed Aldulaimi



Cryptocurrency, Bitcoin, Blockchain, Fintech, Stock Market, GCC Economy



Bitcoin has risen as the best cryptocurrency ever. Inside two years of its tranquil dispatch in 2009, Bitcoin developed to involve billions of US dollars of financial incentive regardless of just careless examination of the framework's plan. In the meantime an enormous and lively open-source network has proposed and sent various adjustments and augmentations. However, the GCC region remains unexplored in terms of cryptocurrency research. Hence, we provide the first survey on cryptocurrency in the GCC economy. In this exploratory study, we used an online questionnaire survey that was collected from 610 individuals and investors from all Gulf countries namely: Bahrain, Kuwait, Oman, Saudi Arabia and UAE. The research instrument consists of 24 different questions that measure respondents’ opinions and attitudes toward cryptocurrency in the GCC. The findings reveal that most respondents in the GCC have heard or read about cryptocurrencies such as Bitcoin or Ethereum. However, a vast majority of them (85%) do not own cryptocurrency. In addition, investing in cryptocurrency is more risky and less profitable than investing in the stock market. Also, if cryptocurrency is government regulated but remained intangible, it would increase their interest in cryptocurrency, and in near future i.e. within 5 years, cryptocurrency will be worth more than today.



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