Bitcoin

Egypt Witnesses A Rise In Bitcoin Trading Amid Economic Recession

2020 has been quite rough for the world. All the credit goes to the life-threatening Coronavirus, which has led to a global lockdown. Besides people getting infected with COVID-19, many countries are getting infected with a rapid fall in their economic status.

Egypt is among the top nations in this category. People have lost jobs, and lives have become much unsettling. But, some people in the country have found out a new way of earning in the time of an economic recession, earning trading bitcoins. Let’s dive into the news in detail.

Bitcoins Show the Light Amid the Pandemic

The “COVID-19” pandemic has been responsible for bringing down the economy in Egypt. Numerous people lost employment. However, they discovered a new way to make money with the discovery of the perks of trading Bitcoin and mining them.

Citizens of Egypt, especially the people of the younger generation, are showing a prominent interest in cryptocurrencies. An Egyptian financial advisor and economist, Wael-al-Nahhas has to say that there are many Egyptians who started to invest in limited quantities in spite of the rise in the Bitcoin (BTC) value.

They started proceeding by mining a hundred millionth of a BTC (Satoshi). They are gaining 4% to 5% of the difference between buying rates at the time decline in demand.

The Economic Condition of Egypt Kept on Worsening

On the basis of the Egyptian Central Agency for Public Mobilization and Statistics, 2020 has been one upsetting time for the Egyptian economy as a sudden rise in unemployment is seen from 7.7% to 9.6% between the first and the second quarters of the year. This means over half a million people are jobless at the moment. However, this is the moment people found out the benefits of trading cryptocurrencies.

Statement of an Egyptian Bitcoin Miner

Muhammed Abd el-Baseer, who is a member of the “Bitcoin Egypt Community” and a Bitcoin miner himself, said that there are other factors that also made it simpler for folks to show interest towards BTC. Work from home turned down working hours and let many people get more time for investing in cryptocurrencies.

There are Chances of Increment in People Getting More Engaged in BTC

Abd el-Baseer has estimated that more than 16000 Egyptians have joined the Egyptian BTC community. He has also predicted that there are higher chances of more engagement as people who are already investing in Bitcoin can introduce their friends or families to the same field and make them learn how to make profits.

A New Law Might Arrive to Control Frauds

But here is one thing. Many Egyptians are getting involved with the Egyptian BTC community, and many are in doubt as they think that this can be a complete fraud. On the basis of some expert comments, a law might be coming quite soon that would be shedding light on what activities can be taken as legal or not around crypto.

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