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The Use of Bitcoin Has Increased in Egypt

People are still turning to Bitcoin and different cryptocurrencies to increase their earnings during the pandemic.

The Egyptian economy has been affected by the COVID-19 pandemic. This has pushed the Egyptian economy into recession, as has unemployment. As a result, Egyptians have begun to use more bitcoin as an alternative source of income.

Several Egyptians, especially young people, are interested in using cryptocurrencies according to Al-Monitor. Wael al-Nahhas who is an economist and financial advisor to many investment companies in Egypt stated:

“Many young Egyptians started investing in small amounts despite the increase in the value of the bitcoin. They started mining Satoshi, which is 100 millionth of a bitcoin, and on a daily basis they are making profits of 4% to 5% from the difference between buying rates during the timing of demand decline and selling rates at the time of peak demand, besides some quarterly or yearly profits from unexpected hikes in bitcoin rates.”

The latest numbers from the Egyptian Central Agency for Public Mobilization and Statistics declared that unemployment in Egypt dropped from 7.7% during the first semester of 2020 to 9.6% during the second semester which means that more than half a million Egyptians have lost their work.

Bitcoin looks very charming.

Muhammad Abd el-Baseer who is a Bitcoin miner and part of the Bitcoin Egypt Community told other circumstances also did it more simple for people to use Bitcoin. 

He told that the decision to work from home, decreasing working hours and new limitations inspired many Egyptians to buy Bitcoin in their free time. He thinks that more than 16,000 Egyptians have entered the Bitcoin Egypt Community. Still, he told that this number could possibly be higher as people may show their friends and family how to buy different cryptocurrencies.

But while the number of Egyptians become more interested in mining and exchanging cryptocurrencies, several people are concerned that people could be targeted and blamed for fraud without proper law. A law defining what actions can be viewed as legal or not around cryptocurrencies could come someday, according to experts.

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