Skip to main content

Egyptians turn to Bitcoin amid coronavirus crisis

Soaring prices of cryptocurrencies, most notably Bitcoin, are tempting many unemployed Egyptians seeking to achieve quick gains, amid fears of Bitcoin being exploited to finance terrorism or illegal trade.
The photo shows a physical imitation of a Bitcoin in Dortmund, western Germany, on January 27, 2020. (Photo by INA FASSBENDER / AFP) (Photo by INA FASSBENDER/AFP via Getty Images)

CAIRO — Bitcoin daily value skyrocketed Sept. 16, according to the CoinDesk website specialized in tracking cryptocurrency news. It ranged between $10,662 and $11,099, with an increase of 32% compared to its value in September 2019, when it stood at $8,085. These rapid surges may lure many Egyptians toward Bitcoin trading as a means of achieving wealth.

Al-Monitor spoke to Muhammad Abd el-Baseer, Bitcoin mining and trading expert and a leading member of the Bitcoin Egypt Community, one of Egypt's professional online communities for those interested in cryptocurrency courses, advice and consultancy. Baseer confirmed a recent hike in the number of community members, considering it a sign of high demand of Bitcoin mining and trading in Egypt.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 per year.