The number of citizens of Egypt turning to Bitcoin trading and mining for a new way of generating income, amid the recession and unemployment crisis, caused by the global health issue, is reportedly on the rise.
Specifically revealed by Al-Monitor, a large number of young individuals in Egypt are reportedly showing an incline in interest towards crypto.
“Many young Egyptians started investing in small amounts despite the increase in the value of bitcoin. They started mining Satoshi, which is 100 millionth of a bitcoin, 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.” Wael al-Nahhas, an economist and financial advisor to several investment institutions in Egypt, reportedly remarked.
Unemployment across Egypt has reportedly witnessed a surge, with 7.7% in the first quarter this year, to 9,6% in the next quarter. This means that over 500,000 Egyptian citizens have become unemployed, resulting in them turning over to another method of making money that appears very fascinating – crypto.
Muhammad Abd el-Baseer – a Bitcoin miner and member of the Bitcoin Egypt Community – reportedly claimed that a few other reasons contributed to the increase number of people getting into crypto, nominally working from home, a drop in working hours along with new curfews.
His estimation of new individuals participating in the Bitcoin Egypt Community is reportedly over 16,000, with potential for increase as people are also teaching their family and friends about crypto investment.