Bitcoin (BTC) continues its world tour, with the world not revolving around European countries, the United States, Russia, China, and South Korea. BTC creates an oasis of income in the deserts – job – Egyptians. Mirage trapping poor travelers with parched wallets or a real opportunity for alternative income?
Bitcoin’s hidden treasures
Bitcoin is a pyramid of Ponzi so, you might as well go to the land of the pharaohs, even if it means suffering their curse, right?
TheEgypt is one of the countries where Bitcoin is used as a complementary or alternative source of income; Egyptians engage in trading and mining.
According to the news site Al-Monitor, Egyptians, especially young people, are showing more and more interest in cryptocurrencies.
The economist and financial advisor Wael al-Nahhas indicates that young people are investing small amounts in Bitcoin despite the rise in its price.
Some have embarked on the mining of some satoshis and get a estimated profit of 4 to 5%, thanks to the difference between the buy and sell price.
Less work, more Bitcoin
Is the current economic crisis behind the increase in number of bitcoiners in Egypt ?
The unemployment rate there fell from 7.7% to 9.6% in the second half of 2020, according to theEgyptian Central Agency for Public Mobilization and Statistics.
Trading BTC then becomes an interesting alternative activity.
Muhammad Abd el-Baseer, member of the community ” Bitcoin Egypt “, Indicates that other factors are behind the adoption of Bitcoin : he cites in particular the need to opt for teleworking as well as the reduction of working hours but also the establishment of curfews. The Egyptians are so more likely to trade BTC in their spare time.
According to him, nearly 16,000 Egyptians have joined the community, but this number could increase if they manage to convince their relatives to turn to cryptocurrencies.
However, the absence of precise legislation on cryptos worries Egyptians who fear to be accused of fraud.
Rumors indicate that a law could soon emerge to clarify the legal framework.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Will the Egyptian Gods bless Bitcoin? The country’s future cryptocurrency legislation will obviously play a major role in the pace of adoption of Bitcoin and altcoins. As long as the state does not release a law written in hieroglyphics, which only experts can understand, this is already it! Now it remains to be seen whether Egypt’s upper echelons want to follow Venezuela’s lead or not …
Litecoin, welcome in the Silver Age