Bitcoin's rise likely to continue until Q2 next year: Crypto Wrap

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Updated 11 November 2021
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Bitcoin's rise likely to continue until Q2 next year: Crypto Wrap

RIYADH: The Bitcoin price is likely to continue rising until at least the second quarter of 2022 amid continuing global inflation fears, predicts the CEO and founder of deVere, Nigel Green.

He was speaking as the world’s dominant cryptocurrency hit another all-time high at $69,000 on Wednesday.

It followed data revealing that inflation has surged to a 31-year high in the US, raising the prospect the Federal Reserve will raise interest rates sooner rather than later.

“Inflation in the UK could rise above 5 percent by early next year, Euro area annual inflation is 4.1 percent in October 2021, up from 3.4 percent  the month before, and the cost of goods leaving Chinese factories surged by another record rate last month – 13.5 percent. There are increasing signals that consumers are now feeling the pain from all of this.” Green said.

 “It’s a global issue, as businesses have been raising prices as supply chain bottlenecks and a shortage of qualified workers push up costs.

"It's likely to last until at least the beginning of the second quarter of 2022, when pressures should start to ease," he added

This inflation shield is likely to result in growing investment from major institutional investors, bringing to the crypto market capital, expertise and reputational pull, further driving up prices, he believes.

He concludes: “We can expect those cryptos involved with fintech development, such as Ether, Solana and Cardano, to do particularly well.

“In this inflationary period, Bitcoin has outperformed gold, which has been almost universally hailed as the ultimate inflation hedge until now.”

Trading

Bitcoin, the leading cryptocurrency in trading internationally, traded lower on Thursday, falling by 4.70  percent to $64,964 at 5:40 p.m Riyadh time.

Ether, the second most traded cryptocurrency, traded at $4,725, down by 2.10 percent, according to data from Coindesk.


Egypt accounts for 19% of global date output

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Egypt accounts for 19% of global date output

JEDDAH: Egypt has emerged as the world’s largest producer of dates, generating around 2 million tonnes annually from more than 24 million date palms, according to the Ministry of Agriculture and Land Reclamation.

The government is seeking to further strengthen the sector by expanding the cultivation of high-value export varieties, the Egyptian Cabinet said, noting that more than 200 facilities — including processing plants and packing centers — support the industry. Many of these facilities have undergone recent upgrades through combined public and private investment.

Global demand for dates is rising steadily. According to market research firm Mordor Intelligence, the global dates market is projected to grow from about $29.33 billion in 2025 to approximately $44.07 billion by 2031.

Growth is being driven by increasing consumer preference for natural sweeteners, health-oriented diets, and improved cold-chain infrastructure that supports broader distribution and exports.

Egypt’s date exports have recorded significant growth, supported by quality improvements and successful efforts to access new markets across Europe, Asia, and Africa, the Cabinet statement said.

The release highlighted contributions from the UAE, which helped rehabilitate the date factory in Siwa Oasis at a cost of roughly 14 million Egyptian pounds ($298,000), renovated and upgraded the date complex in El-Kharga in the New Valley for about 17 million pounds, and established a date cooling complex in the Western Desert oases with a storage capacity of 4,000 tonnes. These investments have helped enhance efficiency across the production chain.

Further expansion is underway through the development of specialized industrial complexes for dates in key industrial hubs, including Sadat City, Borg El Arab, 10th of Ramadan City, and 6th of October City.

Agriculture and Land Reclamation Minister Alaa Farouk said Egypt accounts for approximately 19 percent of global date production, reiterating plans to focus on export-oriented varieties with higher added value.

Speaking during a tour of the sixth Cairo Date Festival at the Agricultural Museum in Dokki, Farouk emphasized the need to improve post-harvest systems such as sorting, grading, and packaging to ensure compliance with international quality standards.

He also urged research institutions and agricultural faculties to accelerate innovation in disease-resistant varieties and adopt smart farming technologies to address climate change and pest-related challenges.

Matrouh Gov. Maj. Gen. Khaled Shoaib underscored the importance of coordination between the agriculture ministry and major palm-growing governorates to boost production and enhance value through processing and packaging.

Cairo Gov. Ibrahim Saber said exhibitions such as the Cairo Date Festival play a key role in supporting local producers, expanding marketing channels, and stimulating economic activity, particularly for small and medium-sized enterprises, while ensuring the availability of high-quality products at affordable prices ahead of Ramadan.