This past week I was in Egypt checking the scene for digital nomads and, of course, all the ancient ruins. The ruins in Ancient Egypt are incredible. And they are everywhere! It’s fantastic. For tourists, Egypt provides an incredible unique experience like no other.
But given the recent drop in the value of the Egyptian Pound, should Digital Nomads consider it? Well, I will cover that in an upcoming episode of GT RADIO. So stay tuned for that.
But part of that show will include access to Crypto.
As it stands right now, access to exchanges is not available. For example, whilst in Egypt click on Coinbase.com or Bitstamp.net and you’ll get a blank screen. Zero! Nothing! Try a VPN and that does NOT work either!
So for those digital nomads who require access to their exchanges, it’s going to be hell not paradise in Egypt for you.
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Now, for Egyptians, apparently they can purchase Bitcoin but they will need to do so through their local bank card.
Afreximbank is the most well-known bank in Egypt. The second one is Ahli United Bank, and the third one is Al Baraka Bank Egypt. They seem to be able to provide that service for the citizens. But the banks are widely controlled and buying is completely discouraged by the Government and Central Bank, so this is not an easy deal.
It is estimated that just 3% of the population owns crypto. It is not clear if it’s the bank holding it for them or, if they in fact, can be the owners of the bitcoin and take it with them on their USB wallets.
The politics of Egypt takes place within the framework of a republican semi-presidential system of government. The current political system was established following the 2013 Egyptian military coup d’état and the takeover of President Abdel Fattah el-Sisi. Most in the world call it a practical dictatorship.
So for me, this whole thing says that Egyptians are locked out of the real full crypto game and Digital Nomads are out of luck. So instead, they seem to just buy US Dollars and do all they can to NOT hold their failing currency.
EGYPTIANS LOSE 50% OF THEIR MONEY IN JUST TWO YEARS!
I mean, if you only had a currency that devalued as much as the Egyptian Pound has, wouldn’t you buy Bitcoin or at least the slower-devaluing US Dollar? If you did, you be in a much stronger position and off the begging streets of the super poor.
Here’s an example…
FACTS:
- February 10, 2022: 1 BTC = 44083 USD / 1 USD = 15.71 EGP
- February 10, 2023: 1 BTC = 47,456 USD / 1 USD = 30.45 EGP
- If an Egyptian bought 1 Bitcoin two years ago on February 10, 2022, he would have paid 692,103 EGP which is equal to $ 43,923 USD; 1 Bitcoin
- If he kept that Bitcoin and held it for two years, it would be worth 1,456,715 EGP or 47,450 USD which is the price of Bitcoin today.
- If he never bought Bitcoin and held on to his 692103 Egyptian Pounds, his value would be just $ 22,915 USD which is about a 50% loss in real purchasing power over BitCoin.
That’s the incredible situation Egyptians find themselves in. They are virtually practically locked out of global money markets. Instead, they are at the mercy of the bureaucrats who keep them poor and uncompetitive ultimately hurting the viability of these good people who deserve better than this unnecessary challenge.
Charles Bivona Jr aka “Coach JP Money”, is the founder of Coach JP Money. He is a seasoned expert in financial coaching and wealth-building. A multifaceted visionary, Charles is also a writer, global citizen, eco-activist, musician, artist, entertainer, entrepreneur, investor, life coach, and syndicated columnist.
Charles’ journey began with a solid education in accounting, finance, and business at the University of Nevada, Las Vegas, and California State University, Fullerton. At just 17, he made his first real estate investment with no money down, igniting a lifelong passion for financial independence. By 1998, he had achieved debt-free status and has been building wealth ever since.
As an entrepreneur, Charles owned and operated five national newspapers in the U.S. before transitioning to digital media. He founded and managed influential online platforms, including HireVeterans.com (2004–2020) and VT Foreign Policy (2004–2023).
A proud expat since the late 1990s, Charles resides in Baja, Mexico, with his wife whom he married in 1985. Together, they have three adult children and seven grandchildren. Their eco-conscious home, built with sustainable super-adobe techniques, is now a luxury retreat known as Hacienda Eco-Domes.
Under his music alias Johnny Punish, a name coined during his days fronting the underground punk band Twisted Nixon, he continues to inspire through his art and advocacy through his newest musical adventure; Punish Studios.
Today, as “Coach JP Money” Charles dedicates his life to helping others achieve financial mastery and personal success, sharing decades of experience and wisdom through his coaching, writing, and creative endeavors.
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