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Central Bank warns Egyptians away from Bitcoin as value skyrockets

The Central Bank of Egypt has warned against dealing with cryptocurrencies, particularly bitcoins, arguing that investing Egyptian capital in such a volatile pursuit could negatively impact the nation's economy.
NICOLAS TUCAT/AFP via Getty Images

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.

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