The Egyptian Bitcoin Investors Increase Despite Economic Crisis

Egypt is currently in the throes of an economic crisis and high unemployment due to the pandemic and is currently experiencing great losses. However, this downward dip in the country’s economy didn’t stop people from investing in Bitcoin.

According to Muhammad Abd el-Baseer, a digital asset expert and Bitcoin miner, Egypt’s online community developed an interest in virtual currencies and trading. He said that at least 16,000 Egyptians are active in trading and investing.

‘The number of miners in Egypt should be greater, since each one of the 16,000 [members] may train and guide many of their friends, family and neighbourhood zones’, he said.

According to el-Baseer, the strict implementation of curfew and work from home setting allowed people to have more time to invest and learn how the cryptocurrency market works, especially Bitcoin.

‘Online work from home, reduced working hours, and curfews have been imposed since March as precautionary measures against the outbreak of Covid-19 in Egypt. The huge business shift to online work from home, along with reduced working hours and curfews are encouraging thousands of Egyptians to invest their spare time in unusual online businesses like mining and trading of cryptocurrencies, most notably the Bitcoin.’

Meanwhile, Wael al-Nahhas, an Egyptian and financial adviser said that the sudden surge in Bitcoin investments is due to precautionary reasons and the recession.

‘Unemployment and recession resulting from the spread of the coronavirus and the precautionary measures taken are the main reasons behind the youths’ inclination toward bitcoin trading and mining’, he said.

According to a data 2020 Geography of Cryptocurrency, Egypt currently ranks as the 64th country in cryptocurrency global adoption.