The current bitcoin price increase might have netted huge profits for holders around the globe, but as bitcoin crosses one milestone, in Zimbabwe prices have been blown completely out of proportion. If you thought the new all time high of $6061 was a spectacular achievement, bitcoin prices have already crossed the $10 000 mark in Zimbabwe.
As fiat distribution dries up around the country many residents have opted to use Bitcoin as not only a source of saving but also forex. Considering many banks have placed extremely tight restrictions on dollar purchases often limiting customers to purchases of only $20 a day, bitcoin has become the enticing alternative to USD. With demand for bitcoin soaring, the huge premium users pay has become a harsh representation of the financial state of the country.
“Yes, we import cash almost every week and we are now importing $10 million on a weekly basis. When we say we import cash, we say we import dollars because we said we want to continue using the dollar in this economy.”
To conclude, with the dire economic crisis gripping the country, recovery of the fiat banking system may not come for years to come. As bitcoin slowly increases its user base on the continent, many in Zimbabwe are experiencing the financial freedom it provides. Allowing many to avoid the limits on dollar purchases, Bitcoin and other cryptocoins provide a fluid form of trade and exchange for civilians. Limited bank notes or governmental controls on distribution are a thing of the past as bitcoin remains a decentralized and public technology for all to access. You can purchase bitcoin in Nigeria at competitive market rates and have them delivered within a matter of hours !