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Egypt is another country that is currently grappling with severe financial difficulties and rampant inflation, which has hurt the local currency. As such, the bitcoin price against EGP has risen significantly recently, surpassing 1,200,000 EGP on Binance, a record high.
It is noteworthy that the valuation is not as high as on other cryptocurrency exchanges such as Coinbase.
Consequences of Monetary Disruption
Despite Egypt’s GDP growing slowly over the past years, the standard of living in the country is declining, with high inflation reducing the purchasing power of the national currency.
Some experts claim that the financial problems began after the bloody conflict. revolution of 2011 When about two million people took to the streets to protest against the rule of President Hosni Mubarak. Egypt entered a turbulent political phase in the following years, unable to maintain a stable government until 2014.
The COVID-19 global pandemic and the military conflict between Russia and Ukraine are other factors that have made the issues worse. Egypt relies on wheat and grain imported from the Black Sea region, and logistically, those deliveries have been disrupted.
The Egyptian pound is in dire straits as it has lost almost 40% of its value against the US dollar in the past year. The decline has prompted locals to convert their savings into foreign currency or look for alternative investment options such as cryptocurrencies.
The domestic currency has shrunk so much that the price of bitcoin, measured in EGP, has reached all-time highs on some cryptocurrency exchanges, such as Binance and Changelly.
The previous record was in mid-November 2021, when the primary cryptocurrency reached its highest valuation at $69,000 against all fiat currencies, including the greenback.
It is worth noting that other crypto platforms display different prices. Coinbase, for one, shows One BTC is currently worth around 950,336 EGP.
Similar situation in other countries
The trends are similar in Turkey and Argentina, where residents also grapple with record inflation and monetary chaos. Bitcoin is currently worth around 806,000 TRY binance, Close to the ATH measured a few days ago.
Turkish residents have shown a growing interest in digital assets over the past few years. some have converted Their funds are stored in the stablecoin USDT as a safeguard against the never-ending depreciation of the lira. Ebru Guven – university lecturer and former banker – elaborated:
“Investing in stable coins allows people to maintain the value of their money; It is one of the ways to retain some value when inflation is so high. That’s the only motivation for people to buy stablecoins right now.”
Some Argentinians have also lost faith in the peso. Decades of political disaster in the South American nation, triple-digit inflation rates earlier this year, and a host of other problems have created a massive appetite for crypto. Similar to the Turks, the Argentines also have transferred His focus is on the world’s largest stablecoin – USDT.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
Egypt is another country that is currently grappling with severe financial difficulties and rampant inflation, which has hurt the local currency. As such, the bitcoin price against EGP has risen significantly recently, surpassing 1,200,000 EGP on Binance, a record high.
It is noteworthy that the valuation is not as high as on other cryptocurrency exchanges such as Coinbase.
Consequences of Monetary Disruption
Despite Egypt’s GDP growing slowly over the past years, the standard of living in the country is declining, with high inflation reducing the purchasing power of the national currency.
Some experts claim that the financial problems began after the bloody conflict. revolution of 2011 When about two million people took to the streets to protest against the rule of President Hosni Mubarak. Egypt entered a turbulent political phase in the following years, unable to maintain a stable government until 2014.
The COVID-19 global pandemic and the military conflict between Russia and Ukraine are other factors that have made the issues worse. Egypt relies on wheat and grain imported from the Black Sea region, and logistically, those deliveries have been disrupted.
The Egyptian pound is in dire straits as it has lost almost 40% of its value against the US dollar in the past year. The decline has prompted locals to convert their savings into foreign currency or look for alternative investment options such as cryptocurrencies.
The domestic currency has shrunk so much that the price of bitcoin, measured in EGP, has reached all-time highs on some cryptocurrency exchanges, such as Binance and Changelly.
The previous record was in mid-November 2021, when the primary cryptocurrency reached its highest valuation at $69,000 against all fiat currencies, including the greenback.
It is worth noting that other crypto platforms display different prices. Coinbase, for one, shows One BTC is currently worth around 950,336 EGP.
Similar situation in other countries
The trends are similar in Turkey and Argentina, where residents also grapple with record inflation and monetary chaos. Bitcoin is currently worth around 806,000 TRY binance, Close to the ATH measured a few days ago.
Turkish residents have shown a growing interest in digital assets over the past few years. some have converted Their funds are stored in the stablecoin USDT as a safeguard against the never-ending depreciation of the lira. Ebru Guven – university lecturer and former banker – elaborated:
“Investing in stable coins allows people to maintain the value of their money; It is one of the ways to retain some value when inflation is so high. That’s the only motivation for people to buy stablecoins right now.”
Some Argentinians have also lost faith in the peso. Decades of political disaster in the South American nation, triple-digit inflation rates earlier this year, and a host of other problems have created a massive appetite for crypto. Similar to the Turks, the Argentines also have transferred His focus is on the world’s largest stablecoin – USDT.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
