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Bitcoin Trade Rises In Egypt Amid Economic Recession After Corona Pandemic


After several weeks of price swings, Bitcoin was finally able to regain some of its value it lost at the start of last September, with its price hitting $ 11,442 in recent days, achieving an increase of around 3.5% in a single day, after declining to $ 10,500 over the past few weeks, and in at the moment, its value is still around $ 11,350 to $ 11,400.

In addition to the rise in the price of bitcoin, the cryptocurrency market has witnessed some good news this week, as Square, the owner of the Cash app, has invested a large amount in Bitcoin, and Bloomberg also announced its new forecast for Bitcoin, which says it crosses the $ 100,000 mark is seen as an order.As far as blockchain is concerned, the Central Bank of Thailand has successfully issued and sold new government bonds using the IBM blockchain technology.

Bloomberg: We predict the price of bitcoin to double in the long run

Digital currencies

Bloomberg revealed in its recent monthly cryptocurrency forecast press release that it reveals a more bullish outlook than before on the future of Bitcoin. Indicated At the possibility that a new zero will be added to its current price on the right, meaning it will rise above the $ 100,000 barrier, after considering the previous period it took for Bitcoin to add the last zero, the price of the currency dropping from $ 1,000 to $ 10,000 in less than four years.

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According to the report, Bitcoin currency started to ooze a bit as the rate of fluctuation became less significant than before, which can delay its price rising if necessary, but in the end there is a possibility indicating that the price can reach $ 100,000 in the year 2025 at least, which is considered about double the time it took for the currency to reach $ 10,000 previously.

While these Bloomberg expectations may seem exaggerated at first glance, they are very modest compared to the many statements released by cryptocurrency investors and analysts, the most recent being several weeks ago when the analyst known as PlanB reported. predicts that the price of Bitcoin could reach $ 100 Thousand by the end of the current year.

Square invests $ 50 million in Bitcoin

Digital currencies

Square is one of the most important companies in providing financial services related to electronic payment for individuals and businesses, as it is the developer of the Cash application for electronic payment between parties, which started to support Bitcoin since 2018, despite this, the company has stayed away from any major investments related to digital currencies. same His announcement Several days ago, he bought 4,709 bitcoins for $ 50 million.

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The company indicated in its statement that it believes in the Bitcoin currency as a tool to strengthen the economy and provide a new way to participate in a global monetary system consistent with the company’s goals, and for its investment. currently, it makes up about 1% of the value of the company’s entire assets, as she puts it. This news is expected to have a positive effect on Bitcoin in the coming period, as Square is the second major company to invest in Bitcoin in this amount after MicroStrategy, which invested $ 425 million several weeks ago.

Bitcoin Trade Rises In Egypt Amid Economic Recession After Corona Pandemic

Digital currencies

According to a newspaper report Al-Monitor Many Egyptians in the youth category have started investing in Bitcoin amid the economic recession the country is facing due to the impact of the Corona pandemic, such as Wael al-Nahhas, an economic expert and financial adviser to several investment institutions in Egypt, indicated that some Egyptians have chosen to mine the Satoshi coin, which represents 1 of the 100 million of the main Bitcoin currencies, so they are able to make profits of up to 5% per day in selling these currencies when the demand for them in the market increases.

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According to For data According to the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS), the unemployment rate in Egypt rose to 7.7% in the first quarter of this year, then to 9.6% in the second quarter as well, which means more than half a million Egyptians have lost their jobs due to the pandemic, as well as Mohamed Al-Basir, one of the Egyptian miners, said some other factors have contributed to the trend towards Bitcoin, the most important of which is the move to work from home in addition to cutting back on working hours, and according to its estimates, around 16,000 Egyptians have recently joined the Bitcoin community.

Despite the benefits Egyptians can derive from trading Bitcoin, the risks there may be greater than those of other countries, as Egypt still does not have clear laws and legislations regarding trading in these currencies and by Therefore, investors will remain vulnerable to many potential fraudulent practices or They can even be violated by the government, which has not yet officially legalized Bitcoin trading.

Central Bank of Thailand issues new government bonds using blockchain

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The Central Bank of Thailand announced its success in launching the first blockchain-based government bond issuance platform, using IBM technologies, and this platform has been very successful because the bank was able to sell government savings bonds worth $ 1.6 billion in two weeks. After launch, the technology reduced the time it takes to issue these bonds from 15 days to just two days.

This platform has also helped reduce operating costs and other costs associated with issuing government bonds through traditional methods, and this has been achieved through the cooperation of the bank and IBM with several other institutions including the Thai Securities Depository Company, the Public Debt Management Office and the Thai Bond Market Association as well as four other banks. .

The Central Bank is expected to embrace blockchain on a larger scale in the area of ​​bond issuance, with the bank in general being very interested in the area of ​​digital currencies last June. Last June, she tested the launch of a new digital currency called Digital Baht to work on The Standard of Large Businesses in the Country.

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