Egyptians turn to Bitcoin amid coronavirus crisis
Soaring prices of cryptocurrencies, most notably Bitcoin, are tempting many unemployed Egyptians seeking to achieve quick gains, amid fears of Bitcoin being exploited to finance terrorism or illegal trade.
CAIRO — Bitcoin daily value skyrocketed Sept. 16, according to the CoinDesk website specialized in tracking cryptocurrency news. It ranged between $10,662 and $11,099, with an increase of 32% compared to its value in September 2019, when it stood at $8,085. These rapid surges may lure many Egyptians toward Bitcoin trading as a means of achieving wealth.
Al-Monitor spoke to Muhammad Abd el-Baseer, Bitcoin mining and trading expert and a leading member of the Bitcoin Egypt Community, one of Egypt's professional online communities for those interested in cryptocurrency courses, advice and consultancy. Baseer confirmed a recent hike in the number of community members, considering it a sign of high demand of Bitcoin mining and trading in Egypt.
He argued that 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 cryptocurrenices, most notably the 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 increasing number of Bitcoin miners and traders is a global phenomenon that has been one of multiple factors behind an increase in demand for bitcoins, and by extension the rise in the price of the currency itself. This allowed those who obtained it during the past year or the first months of this year at prices lower than the current one to reap unprecedented profits, and many Egyptians are eyeing these levels of profits through their investment in cryptocurrencies,” he added.
