Egypt is one of those countries whose economic condition has tumbled during the global pandemic crisis. Due to the COVID-19 epidemic, the issue of unemployment increased in the country causing people to face financial issues. Because of the unemployment, the majority of individuals in the country have started moving into cryptocurrency or Bitcoin (BTC) trading to cope with their financial issues.
The trend for trading or mining digital currencies has risen over the course of the recent time in Egypt. According to a report from Middle Eastern media outlet Al-Monitor, there has been noticed a potential increase in the interest of Egyptians in cryptocurrency and Bitcoin trading. The report claimed that the interest in Bitcoin trading has mostly exploded amongst the younger individuals.
Muhammad Abd el-Baseer, a prominent Bitcoin trading and mining exert is of the view that due to the global pandemic, governments from across the whole world imposed lockdowns in countries, and this lead individuals to go for online works for earning money. They started seeking more opportunities for making income and there they found the opportunity to invest in cryptocurrency. According to Abd el-Baseer, this is the main reason behind this surge in the popularity of Bitcoin trading in Egypt amongst individuals.
Those who had purchased Bitcoin in the first six months of this year or in the last year when the price of BTC was trading comparatively lower have yielded more profits. Most of them have made profits from Bitcoin (BTC) mining as well after the third bitcoin halving occurred recently in the month of May. Wael al-Nahhas, an economist and financial advisor in the Egyptian community said that younger individuals invested in little amounts in spite of the rising value of Bitcoin. He said that they have made profits ranging from 4 percent to 6 percent out of it.
Bitcoin and other cryptocurrencies’ fluctuating prices tempted individuals in Egypt to turn toward trading. These unemployed individuals in the country of Egypt are looking forward to making potential gains and profits through cryptocurrency trading.