An Egyptian daily, Al-Monitor, has reported that interest and demand in bitcoin in Egypt has seen a spike since March 2020 amid the Covid-19 outbreak.
According to Muhammad Abd el-Baseer, a bitcoin mining and trading expert and a leading member of the Bitcoin Egypt community, the recent hike in the number of community members coincides with high demand for bitcoin mining and trading in Egypt.
Bitcoin Egypt Community (Bitcoin Egypto) is one of Egypt’s professional online communities for those interested in cryptocurrency courses, advice, and consultancy. The group has seen growth in members following the precautionary measures put in place amid the Covid-19 outbreak, prompting many to shift to online work amid reduced working hours and imposed curfews.
A look at the Bitcoin Egypto community shows that about 16, 000 Egyptians have joined the community. However, according to bitcoin miner, Baseer, this figure is likely higher as members continue to train others on this new investment asset.
The group seems to be quite active and only serious members are allowed to join the community. A quick glance at September 2020 activity reveals an engagement community of traders and enthusiasts.
According to Wael al-Nahhas, an Egyptian economist and financial adviser for several investment institutions in the country, the spread of coronavirus and the resulting recession due to the precautionary measurs have been the main reasons for the inclination by the youth to get into the crypto space.
Ahmed Shuair, a lecturer of economics at Cairo University, has similarly said that many Egyptians are mining and investing in cryptocurrencies as ways of cashing out their earnings via local payment methods, including via ATMs, becoming easily available and accessible.
Egypt is among the top countries with the highest cryptocurrency activity in Africa, according to a recent report by Chainalysis, a leading global crypto forensics firm.
Egypt has been ranked at number 7 in Africa and 64 globally as shown below:
South Africa (7)
United Republic of Tanzania (60)
Since 2019, the Central Bank of Egypt has had a draft bill requiring that anyone creating, promoting, and operating a cryptocurrency business in the country obtain a license. While the bill awaits to become law, it looks like many Egyptians will continue to join the crypto space as an alternative for earning revenue amid hard economic times.