HARARE, ZIMBABWE – Bitcoin prices in Zimbabwe hit a high of $7200 earlier this week, well below the global average of $4370 as of October 2.
Citizens of Zimbabwe are turning to bitcoin after the nation’s currency experienced drastic hyperinflation, similar to the crisis in Venezuela.
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The African nation only has one bitcoin exchange, Bitcoinfundi.
The Zimbabwean Localbitcoin’s prices are much lower than that of Bitcoinfundi but the problem arises in the scarcity of physical cash in the nation.
The economic condition in Zimbabwe is expected to get worse as stakeholders in the nation are disconnecting themselves from Zimbabwean-based assets.
The high demand for bitcoin in Zimbabwe confirms that numerous citizens trust cryptocurrencies may be the solution to their economic difficulties.