LocalBitcoins has revealed that Bitcoin is trading at premiums nearing $64, 000 in Egypt and volumes are at an all-time high in 2021.
This update confirms a renewed warning by the Central Bank of Egypt against issuance, trading, promoting, and operating cryptocurrencies and related activities in the country which was highlighted by BitKE.
Here are some stats about Egypt:
- In 2021, Egypt hit an all-time high of $205, 000 trading volumes per week
- As of March 16, 2021, one Bitcoin was trading at almost $64, 000 in Egypt
- 67% of the population do not have a bank account
- Egypt is one of the top 5 remittance receivers globally
- Inflation is currently at 9%
- The majority users are young people below the age of 34 years
- Most traders in the country are looking for additional sources of income in trading or hodling bitcoin
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