The value of virtual asset transactions in Saudi Arabia was worth around $20 billion with over 800,000 Saudis using digital currencies last year. Last year, KSA probably represented 15 percent of Gulf Cooperation Council and Middle East and North Africa activity. Close to 45 percent of all trading activity on BitOasis is driven by 25-34-year-olds, while another 30 percent is driven by 35- 44-year-olds. By the end of the year across MENA, about 4 percent of the adult population will have invested in crypto currencies. In the US the number is about 20 percent.
Markets that are characterized by young, tech-savvy early adopters that are keen to get exposure to a diversity of investable assets, where nations such as Saudi Arabia, will witness accelerating adoption and growth in the next few years. The adoption of these assets in the MENA region grew by 15 times between July 2020 to June 2021 — twice the global average. The Kingdom is one of the fastest growing markets for crypto adoption in the MENA region. BitOasis, which launched in 2015, allows retail and institutional investors across the region to buy, hold, and sell over 40 virtual assets or cryptocurrencies. Virtual assets are another type of investable asset class and one that has increased in popularity globally over the last decade. Today the market cap of virtual assets is approximately $2 trillion against $12 trillion for gold. Investors can diversify their portfolios, which today may consist of stocks, or real estate, along with virtual assets to achieve diversification.