Bitcoin use rise in Egypt amid economic recession
People continue to turn to Bitcoin and other cryptocurrencies to boost their profits even amid a pandemic. As the COVID-19 pandemic pushed the Egyptian economy into recession and deepening unemployment, more and more Egyptians see the benefits of trading and mining Bitcoin as an alternative source of income.According to Al-Monitor, many Egyptians, particularly young people, are interested in cryptocurrencies. Wael al-Nahhas, an economist and financial advisor to several investment institutions in Egypt, said:“Many young Egyptians started investing in small amounts despite the increase in....
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A growing number of Egyptians are reportedly turning to bitcoin amid rising unemployment and the economic crisis. An Egyptian bitcoin community is seeing a huge spike in the number of members interested in bitcoin mining and trading. Egyptians Increasingly Attracted to Bitcoin Many Egyptians are drawn to bitcoin amid the coronavirus pandemic, economic crisis, and resulting unemployment, Al-Monitor news outlet reported last week. A bitcoin mining and trading expert, Muhammad Abd el-Baseer, is a leading member of the Bitcoin Egypt Community, one of Egypt’s professional online....
With the current fiat based economy, no one can escape recession. The threat of recession has been constantly looming over the heads of major economic powers like the United States for over a decade now. Recession is caused by uncontrolled rise in deflation resulting from falling market demand. The fall in demand, if left unchecked can create a domino effect resulting in a massive decline in a nation’s GDP. The Great Recession of 2008-09 is one of the best examples of how a recession can affect not just the governments and big corporations, but individuals as well. Governments and Central....
The US economy could be headed for another recession soon. Barely seven years after the last great recession, several economic indicators point to a renewed downturn possible in the near future. According to a report by CNBC, investment is down across the board, including specifically in farm machinery, while transportation sales have stalled. These indicators are usually a good predictor of a recession, and investors look to them when gauging future financial decisions. To make matters worse, Citigroup now predicts that, in the event that Donald Trump wins the presidential election in....
The U.S. economy has declined for the second-straight quarter as the country’s gross domestic product (GDP) declined by 0.9% in Q2. The Bureau of Economic Analysis’s summary of the U.S. GDP follows the recent debate over the technical definition of a recession.
America’s Q2 GDP Data Points to a Recession
One of the principal agencies of the U.S. Federal Statistical System, the Bureau of Economic Analysis (BEA), released the commerce department’s latest gross domestic product (GDP) statistics on Thursday. The report notes that the GDP data shows a 0.9%....
Mohamed El-Erian, Chief Economic Advisor for Allianz, took an interview with CNBC to discuss the rising price of bitcoin, inflation rates, and possible recession.