It’s not a secret that the global pandemic was harmful to every country around the world. Therefore, Egypt was no exception. Coronavirus disease pushed the Egyptian economy recession and deepening unemployment. Egyptian citizens started using BTC. It seems that they see the benefits of trading and mining BTC as an alternative source of income.
Al-Monitor, a news website, claims that the Egyptians (particularly young people) have an interest in cryptocurrencies. Wael Nahhas, an economist and financial advisor to several investment institutions in Egypt, made a statement. The bitcoin price increases; however, many young Egyptians started investing in small amounts. Sigbinificantly, during the day, Egyptians are making profits of 4% of 5% of the difference between buying rates and selling rates.
In short, People continue to turn to Bitcoin and other cryptocurrencies to boost their profits even amid a pandemic.
Moreover, the bad news Is that Egypt’s unemployment increased to 9.6% during the second quarter of 2020. While in the first quarter it was 7.7%. According to the recent numbers from the Egyptian Central Agency for Public Mobilization and Statistics, above half a million Egyptians have lost their positions.
More than 16,000 Egyptians have joined the Bitcoin
Moreover, Bitcoin miner and member of BTC Egypt commodity Muhammad Abd el-Baseer reported other factors also made it easier for people to turn Bitcoin forwards. He also said that as people started working from home, it reduced working hours. People had more free time; therefore and curfews encouraged many Egyptians to invest in Bitcoin in their spare time. Commodity Muhammad Abd el-Baseer estimates more than 16,000 Egyptians have joined the Bitcoin Egypt Community. He claims that the number could be higher as people may inform their friends and family how to invest in crypto.
As more Egyptians started trading cryptocurrencies, many are concerned that people could be targeted and accused of fraud without proper legislation. According to experts, a law filtering what activities can be considered legal or not around cryptocurrencies.