Egyptians are Using more Bitcoin Despite the Country’s Economic Recession

News • 2020/10/07 • by

Despite the pandemic that has pushed a country like Egypt into recession, Egyptians have turned to cryptocurrencies like bitcoin to come to their aid. The Egyptians have seen this as a way to make more money and earn alternatively.

Al-Monitor reports that interest in cryptocurrencies has been coming more from the youths. A financial adviser and economist named Wael Al-Nahhas also added that young Egyptians are not backing up in investment despite the increase in Bitcoin value. Egyptians are now miners and traders of crypto, and they make profits within the range of 4-5%.

Egypt has experienced an increase in the unemployment rate (7.7%), and more people are losing their job due to the Covid19 global pandemic. This is one of the reasons why trading looks lucrative.

Another opinion from Muhammad Abd el-Baseer states that Bitcoin trading is now easier for people. This member of the community of Bitcoin miners in Egypt also added that the number of people in the Bitcoin community has grown by about 16,000 people. Some people are scared because they can be tagged fraud; however, experts say the legislation will come soon.

Source: Cointelegrah.

Comments (5)

Guest

exodusab

6 years ago

I think most of the Egyptian now engaged in online work from home, this is as a result of reduced working hours and curfews which was imposed since March as precautionary measures against the outbreak of COVID-19 in Egypt…This has encouraged thousands of Egyptians to invest their spare time in unusual online businesses like mining and trading of cryptocurrencies, most notably the bitcoin.”

godgrace1

6 years ago

Egyptian.s accepting bitcoin as an alternative means to earn passive income online is very good, once people see that other Egyptians engaging in it are actually earning from it, it will increase the acceptability of bitcoin in Egypt and once that acceptability has been established the legislators will follow suite in signing it into law.

freshprinx

6 years ago

What impact covid 19 have on cryptocurrencies in many countries is great, to maintain social distance, we have to work from home to make a ends mean, and that has make the Egyptians to start dealing with cryptocurrencies.

omogbai

6 years ago

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

visiblemoney

6 years ago

Crypto mining and trading in Egypt is another positive impact of COVID-19 Pandemic as catalyst of retail and mass crypto adoption. I believe where there is will their would be way and that is what the Egyptians have done to help their employment deficit and social conditioning which might not be addressed sooner by the government. I believe that the Egyptians would continue to find more usefulness in the use of crypto as they leverage on the technology even as they largely operate under the grey area conditions.