Financial issues and inflation have been causing difficulty in Egypt, contributing to a sharp rise in the price of Bitcoin against the Egyptian Pound (EGP). On Binance, the cost of Bitcoin recently hit an all-time peak of 1,200,000 EGP.
Note that the value of other cryptocurrencies on exchanges such as Coinbase is not particularly high.
The Egyptian economy has seen gradual progress in recent times, however the quality of life in the nation has been declining due to an increase in inflation and a decrease in the purchasing power of the national currency.
It has been argued that financial issues began after the tumultuous 2011 revolution during which an estimated two million individuals took to the streets in protest of President Hosni Mubarak’s rule. In the aftermath of this event, Egypt was thrown into a turbulent period politically, and failed to establish a stable government until 2014.
The world-wide spread of COVID-19 and the on-going military confrontation between Russia and Ukraine have had a negative impact on Egypt. Being dependent on imports of wheat and grain from the Black Sea area, these shipments have been suspended.
The Egyptian pound has deteriorated drastically over the last year with a depreciation of close to 40% relative to the US dollar. This has caused people in the country to transform their savings into a foreign currency or look for alternate investment opportunities, including cryptocurrencies.
The value of the Egyptian Pound has diminished considerably, causing the cost of bitcoin to reach a record peak on certain exchanges, for example Binance and Changelly.
In mid-November 2021, the previous record was set with the leading cryptocurrency reaching its topmost value against all fiat currencies, one of them being the US dollar, at an amount of $69,000.
It is noteworthy that other crypto networks showcase various prices. As an example, Coinbase’s pricing indicates that one Bitcoin is currently valued at roughly 950,336 Egyptian Pounds.
In both Turkey and Argentina, citizens are facing historically high inflation and monetary disorder. On Binance, Bitcoin is currently valued close to its All-Time-High of 806,000 TRY, set a few days ago.
In recent years, citizens of Turkey have become more intrigued by digital assets. To guard against the continuous drop in the lira, some people have transferred their money into the stablecoin USDT. Ebru Güven, an ex-banker and college professor, provided an in-depth explanation of this phenomenon.
People are currently only motivated to purchase stablecoins as a means to retain the value of their holdings in the face of high inflation. This is one of the methods to guard against the depreciation of assets.
In Argentina, many citizens have lost faith in the peso. This lack of trust has been brought about by the country’s long-standing political turmoil, the high inflation rate this year, and other issues. Thus, Argentines have gravitated towards the world’s leading stablecoin – USDT – similarly to the Turks.
Rewording the text without altering the core meaning, it can be stated that there is an increasing trend in the use of renewable energy sources throughout the world. This shift is motivated by the fact that these sources are energy-efficient, cost-effective, and eco-friendly.