Ongoing conflicts and shaky national currencies are fast-tracking crypto adoption across the Middle East, according to Zaid Belbagi, managing partner at London’s Hardcastle Advisory. Writing for the Bitcoin Policy Institute (BPI), Belbagi highlights that annual on-chain transaction volumes in the region have shot up from around $100 billion in 2022 to an estimated $350 billion by 2025–2026.

BPI’s Key Takeaways

Belbagi sees crypto as a go-to tool for preserving and moving capital when risks run high. He notes that demand for digital assets is ramping up in the region, especially with armed conflicts and weakening local currencies putting pressure on traditional finance.

On-Chain Activity by the Numbers

BPI estimates show a massive jump in on-chain operations: from about $100 billion in 2022 to roughly $350 billion projected for 2025–2026. That’s the total on-chain activity across MENA countries.

What’s Driving Demand in MENA?

Unlike global markets, where institutional money and new regulations are the main growth engines, BPI points to macroeconomic pressure as the big driver for crypto in MENA.