Those who have been following the world economics scenario and how is it taking shape, must be knowing that Zimbabwe has been going through a situation of hyperinflation for almost a decade now. The country’s formal banking sector has completely failed to rise above its worst times as the situation seems to be worsening even further.
Thus as ‘hard currency’ is disappearing from the streets quickly, the locals in Zimbabwe are searching for other alternative modes of payments like Bitcoins and others. The latest report coming out from the country show that Bitcoin prices in Zimbabwe have been trading at 85% premium and reached its all-time-high at $7200.
As a result, more people are looking to convert it into real money and even getting their money out of the country. The new price of $7200 of Bitcoin was seen on the country’s local exchange BitcoinFundi. Trading in Bitcoin is really coming as a big breather for the locals where all their money and traditional modes of transactions have been under the control of government.
Also Read: Bitcoin Price To Reach $25000 in 5 years – Says EX-MD of JP Morgan Chase
Zimbabwe is currently going through tumultuous times and the government has blocked the flow of cash inside and out of the country. Moreover, Zimbabwe being a net importer, its trade deficit has widened to $1.2 billion, as a result of which importer have been looking for options like Bitcoin to get their money out from the country.
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