Zimbabweans have continued to hoard money and park it in Bitcoin because of a worsening political climate.
Bitcoin flourishes in times of conflict, be they regulatory, market-based, or military. When the world is at war, bitcoin becomes a safe haven. For citizens in countries such as Zimbabwe, bitcoin isn’t just a means of electronic cash or a store of wealth – it’s a lifeline.
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The recent military takeover of the capital – which generals insist is not a coup – has made the problem even worse. Bitcoin prices have risen 10% to $13,499 on Golix, the troubled nation’s only cryptocurrency exchange. That figure is nearly twice the $7,000 Bitcoin price on most other popular exchanges worldwide.
The surge has been fueled by Zimbabwean investors seeking a safe haven from domestic banks amid the country’s ongoing political, financial and monetary woes. While Zimbabwe once had its own currency, it began using a mix of currencies from stable economies including the U.S. dollar in 2009 after hyperinflation made its own note nearly worthless.
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Read previous article on Think bitcoin’s getting expensive? Try Zimbabwe.