Cryptocurrency Adoption and trends in Egypt in 2021
It is estimated that over 1.7 million people, 1.8% of Egypt’s total population, currently own cryptocurrency.
The demand for bitcoin has surged in Egypt and has registered a fresh all time high. Egypt hit a record peer-to-peer Bitcoin trading volume of over 2.2 million Egyptian pounds in 2020.
Egyptian economist Wael al-Nahhas said young Egyptians “started investing in small amounts despite the increase in the value of the bitcoin” and noted that bitcoin mining and trading are attracting thousands of Egyptians.
Meanwhile, a video report shared by a P2P platform tries to offer possible reasons why crypto trading has become more popular in Egypt. In the report, it is suggested that many of the Egyptian crypto traders “are looking for additional sources of income (either through) trading or holding bitcoin.” Further, the report notes that with 67% of the adult population currently unbanked, cryptocurrencies inevitably become a practical alternative for those that are financially excluded.