People continue to resort to Bitcoin and other cryptomites for economic protection, even in the midst of a pandemic.
In economic recession, use of Bitcoin fires in Egypt
As the OVID-19 pandemic pushed the Egyptian economy into recession and deepened unemployment, more and more Egyptians see the benefits of Bitcoins trade and mining as an alternative source of income.
According to Al-Monitor, many Egyptians, especially young people, are interested in cryptomites. Wael al-Nahhas, an economist and financial advisor to various investment institutions in Egypt, said:
„Many young Egyptians have begun to invest in small amounts, despite the increase in bitcoin value. They have started mining Satoshi, which is the 100 millionth of a Crowd Millionaire and daily they are making profits of 4% to 5% with the difference between purchase rates during the period of declining demand and sales rates at the time of peak demand, plus some quarterly or annual profits from unexpected increases in Bitcoin rates. ”
Unemployment in Egypt jumped from 7.7% during the first quarter of 2020 to 9.6% during the second quarter, meaning more than half a million Egyptians lost their jobs, according to recent figures from the Egyptian Central Agency for Public Mobilization and Statistics.
The Bitcoins deal looks very attractive.
Muhammad Abd el-Baseer, a Bitcoin miner and member of the Bitcoin Community of Egypt, said other factors also make it easier for people to turn to Bitcoin. He said the move to work from home, reducing working hours, and new curfews encouraged many Egyptians to invest in Bitcoin in their spare time. He estimates that more than 16,000 Egyptians have joined Egypt’s Bitcoin Community. However, he noted that this number may be greater, as people can teach their friends and family how to invest in cryptomorphs.
But while more Egyptians are interested in mining and trading cryptomaps, many are concerned that people may be targeted and accused of fraud without proper legislation. A law clarifying which activities may or may not be considered legal around cryptomorphs may come soon, according to experts.