Jalil Javed and Henry Kincaid-
On most major currency exchanges, Bitcoin’s rate fluctuates around $5,000, but in Zimbabwe, Bitcoin sells for twice that.
Zimbabwe has long suffered from hyperinflation of its currency, creating the ideal circumstances for the rise of an alternative: Bitcoin. With their regular currency failing, the people of Zimbabwe have turned towards the digital cryptocurrency in very large numbers, causing it to sell for as much as double the international exchange rate at the Harare-based trading platform, Golix.
“The price has been high for some time and it keeps going up,” says Golix Trade Coordinator, Yeukai Kusangaya. She claims that the soaring price is going to naturally continue as demand increases.
Bitcoin isn’t a very uncommon currency in the country, in fact, the cryptocurrency has become quite common in general trading recently. The currency is now often being accepted in various appliance vendors and garages, companies that generally deal with fairly large amounts of money changing hands on a regular basis.
Featured Image Credits: KryptoMoney.com