According to Al-Monitor, a large number of Egyptians are trading and mining bitcoins as an alternative source of income as the COVID-19 pandemic has pushed the Egyptian economy into recession and rising unemployment.
Wael al-Nahhas, an economist and financial advisor to several investment institutions in Egypt, noted the following:
“Many young Egyptians started investing in small amounts despite the increase in the value of Bitcoin. They started mining Satoshi, and on a daily basis they are making profits of 4% to 5% from the difference between buying rates during the timing of demand decline and selling rates at the time of peak demand, besides some quarterly or yearly profits from unexpected hikes in bitcoin rates.”
Unemployment in Egypt rose from 7.7% in the first quarter of 2020 to 9.6% in the second quarter, which means more than half a million Egyptians have lost their jobs. According to preliminary estimates, over 16,000 Egyptians have already joined the Bitcoin Egypt community. According to experts, in the near future a law may be passed clarifying what actions with cryptocurrencies can be considered legal and what are not.