Bitcoin Use is Growing in Egypt during an Economic and Employment Plunge
By Mark Lemon – Cryptocurrency Professional
As the COVID-19 pandemic plunged the Egyptian economy into stagnation and increased unemployment, there has been an increase in the number of Egyptians who see the economic opportunities of Bitcoin trading and mining as an alternate means of revenue. Many Egyptians, according to AI-Monitor, specifically younger citizens, are engaged in buying and selling Bitcoin (BTC).
The analyst and financial adviser of many investment firms in Egypt, Wael al-Nahhas, said, "Many young Egyptians started investing in small amounts despite the increase in the value of the bitcoin.” According to the Egyptian Central Agency for Public Mobilization, amid the first quarter of 2020 unemployment in Egypt increased from 7.7 percent to 9.6 percent.
He addresses the strategy of those investing, noting that “They began mining Satoshi” before moving on to buy and sell Bitcoin depending on market rates. “They are making profits of 4% to 5%” he states, as well as profits during times in which the Bitcoin (BTC) rate hikes unexpectedly.
Muhammad Abd el-Baseer, a long-term Bitcoin enthusiast, miner and associate of the Bitcoin Egyptian Community, highlights other reasons which have made Bitcoin adoption and cryptocurrency trading a convenient alternative. More Egyptians are working from home remotely, experiencing a reduction in working hours and are adapting to new curfews. All of which, he states, is encouraging participation in blockchain and crypto networks. He reports that over 16,000 Egyptians have entered the Egyptian Bitcoin Community.
As Egypt sees an increase in those involved in mining and cryptocurrency trading, there are those that remain cautious and aware of the potential for more fraudulent activity and even the possibility of targeting more vulnerable users. According to analysts, a law clarifying what practices should be deemed lawful or not regarding cryptocurrencies may soon arrive.
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