Bitcoin rose to over $10,000 on Zimbabwe’s Golix.io earlier this week as economic difficulties continue to escalate in the African country.
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Inflation is increasing and dollar cash shortages are becoming more common.
“The problem is the exact opposite of what it was during hyperinflation. Then, there was plenty of cash money, but no goods in the shops. Now, there are goods on the shelves but no money to buy them with,” said Harare economist Vince Musewe.
The government of Zimbabwe announced they imported $10 million in cash every week to increase obtainability.
Meanwhile, Venezuela is now mining more bitcoin with rumors signifying over 100,000 residents are now mining.
The Venezuelan bolívar, the national fiat currency, is essentially worthless. Many citizens are turning to bitcoin to escape the economic turmoil.
“Whoever buys Bitcoins with bolivars earns money by increasing the price of the Bitcoin against the dollar, and escapes inflation,” said Venezuelan Randy Brito of Electrum Wallet.