Saudi Arabia's cryptocurrency market is expected to grow to $47.8 billion by 2034, a forecast showed.

An IMARC Group report cited by blockchain outlet Cryptopolitan on April 13 said the Saudi cryptocurrency market will expand from $24.9 billion at the end of 2025 to $47.8 billion in 2034. It estimated average annual growth of 7.51 percent from 2026 to 2034.

Vision 2030, Saudi Arabia's national economic transformation strategy, was cited as a key backdrop to the forecast. Saudi Arabia is expanding the adoption of digital assets, blockchain and fintech as it reduces its reliance on oil and diversifies the economy.

Rising institutional investment and a young demographic structure were also cited as growth drivers. Major Saudi financial institutions are reviewing digital assets and blockchain technology as they diversify portfolios. Interest in cryptocurrencies among young people is also rising. About 70 percent of the total population is under 35, according to material citing Saudi state telecommunications data. The outlet said the demographic structure is boosting market growth as it aligns with a tendency to experiment with new technology.

Regulation and the business environment are also supporting market expansion. Saudi Arabia is creating a relatively friendly environment for digital assets and blockchain technology, encouraging related financial institutions and startups to enter and grow. In the process, overseas investment is also flowing into Saudi-based cryptocurrency projects.

Saudi Arabia's central bank participation in cross-border payment experiments is also drawing attention. In June 2024, the Saudi central bank participated with the United Arab Emirates, Thailand and China in the multi-central bank digital currency bridge project, mBridge. The project aims to build a joint platform that allows countries to trade directly on blockchain using central bank digital currencies and to process payments almost instantly.

Blockchain adoption beyond finance is also spreading. Industries, including supply chain management companies, are applying blockchain to their operations, and policies promoting cashless transactions are also increasing the potential use of cryptocurrency payments. The expansion of decentralised finance and blockchain-based solutions into multiple industries was also cited as a driver of market growth.

Rising investment in online games and e-sports is also aligning with cryptocurrency use among younger people. In Saudi Arabia, play-to-earn models and in-game cryptocurrency transactions are gaining popularity among young people.