CAIRO — The bitcoin price has shot up to unprecedented levels.

On April 8, the price of a bitcoin hit $58,353, up from $11,099 in early September 2020 — an increase of 426% in just six months — and the cryptocurrency is expected to top $100,000 this year.

In a March 28 statement, the Central Bank of Egypt warned Egyptians against dealing in cryptocurrencies, stressing that Egypt works only with official currencies approved by the bank. The statement explained that cryptocurrencies are subject to extreme fluctuation in value since they are not issued by central issuing authorities in any country and not backed by tangible assets such as gold reserves.

Ahmad Shawqi Soliman, an economic researcher at the Faculty of Commerce of Al-Azhar University in Cairo, said in televised statements on April 4 that cryptocurrencies like Bitcoin may attract many Egyptian investors with potentially lightning profits. He warned that such investments could negatively affect interest in other types like direct investments, stocks or real estate and threaten the stability of the Egyptian economy.