'12,000 Kuwaitis using Bitcoin currency amounting $1 billion'

(MENAFN- Arab Times) KUWAIT CITY, Nov 26: Kuwait has not been enthusiastic about any new electronic product, as is the case with the process of the virtual currency Bitcoin (BTC), reports Al-Anba daily.

The daily quoting sources said this year until October 2017 a total of 12,000 Kuwaitis have been using this virtual currency and the size of their portfolios is now about one billion dollars after the currency multiplied seven times in 10 months.

The size of the portfolio began on average $10,000 (equivalent to 3 thousand dinars), after which inflation reached more than $70,000 on average, according to a report by one of the US trading companies specialized in the circulation of Bitcoin and blockchain services.

The report stated the Kuwaiti trading is 1.5 percent of the total global turnover of $70 billion virtual currency and revealed a significant increase in the number of Kuwaitis who use the Bitcoin currency over the past six months, following the doubling of the volume of trading of this currency, which attracted a lot to trade to make a big profit.

Experts have warned against investment in the Bitcoin at the moment after the huge inflation witnessed by this virtual currency and expected large declines in the wealth of investors, which has jumped during the past months based on the scenarios of rapid and unjustified rise experienced by all previous assets, shares or real estate or anything else followed by a rapid and sharp fall.

The report pointed out Kuwaitis use credit cards to buy the virtual currency through BitFils website where the average monthly remittances to the US Bitcoin companies in the United States for each Kuwaiti average of about 6 thousand dollars, indicating that this number includes protection procedures for trading (key trading) and the withdrawal and trading commission

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