800,000 Saudi’s used digital currencies in 2021 with the value of virtual asset transactions in Saudi at around 20 billion USD and this is expected to grow five times over the next five years. The information was shared by Ali AlObaid, Managing Director of BitOasis crypto exchange, to Arab News

In the article he states, “We believe that this can grow by five times over the next five years. Last year, KSA probably represented 15 percent of Gulf Cooperation Council and Middle East and North Africa activity.”

He added that around 4 percent of adult population in MENA will have invested in crypto by the end of 2022. While in the USA 20 percent of adults have invested in crypto.

BitOasis user base in KSA is primarily millennials, 25-34 year old’s, with 30 percent of those trading on BitOasis between the ages of 35-44 years.

In a YouGov survey recently it noted that 1.8 percent of Saudi Arabian residents currently trade in cryptocurrencies. Yet it is Morocco that tops crypto ownership as per a TripleA report, followed by Egypt, UAE, and then KSA.

The report noted that in 2021 3.9 percent or 300 million people were crypto users globally with 18,000 businesses accepting crypto payments.