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Egyptians Turn to Bitcoin Amid Economic Hardships

More and more Egyptians are now joining the cryptocurrency mining business in a bid to survive economic hardships brought about by the COVID-19 pandemic. At present, more than 16,000 Egyptian youths are actively mine bitcoin and altcoins and that number is expected to keep rising.

Egyptians Latch Onto Bitcoin for Survival

While the COVID-19 pandemic has undoubtedly adversely affected the economies of virtually all the nations of the world, the truth remains that the resultant effect of the global health crisis has been worse for the citizens of some nations than others.

According to an Al-Monitor report, the unemployment rate in Egypt surged from 7.7 percent during the first quarter of 2020, to 9.6 percent in the second quarter, leaving more than half a million of Egypt’s over 102 million populace jobless, with no form of relief packages or palliatives from the government.

In a bid to make the most of their time, while also earning a decent income that’ll enable them to overcome hunger, thousands of Egyptians are now actively engaging in crypto mining operations.

Interestingly, Muhammad Abd el-Baseer, a bitcoin mining and crypto trading professional who is also a member of the Bitcoin Egypt Community, an online community focused on educating locals on all things cryptocurrency investment, has hinted that the platform has seen a massive wave of new members of late, a strong indication that more Egyptians are now interested in bitcoin mining and trading.

Commenting on the matter, Wael al-Nahhas, an Egyptian economist and financial adviser noted that:

“Many young Egyptians started investing in small amounts despite the increase in the value of bitcoin. They started mining satoshis, which is 100 millionth of a bitcoin, and on a daily basis they are making profits of four to five percent 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 prices.”

Making Life Easier for Miners

Notably, Ahmed Shuair, a lecturer of economics at Cairo University has revealed that the mining pools and brokers have made it possible for Egyptians to withdraw or access their funds at any time via debit cards.

This singular feature has boosted the confidence of many investors in these mining companies.

“The availability of those cards and the miners’ ability to withdraw in real-time any part of their balances have encouraged more Egyptians to join bitcoin mining and crypto trading platforms,” Shuair stated.

In related news, earlier in February 2020, reports emerged that the National Bank of Egypt (NBE) has adopted Ripple’s blockchain for cross-border payments.

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