Zimbabwe stops dollar trading, bitcoin prices up to $76,000

In Zimbabwe, Bitcoin's trading premium is as high as 600%, as the country's oppressive monetary policy has prompted local investors to turn to a decentralized "safe harbor" cryptocurrency.

According to a number of media reports recently, Zimbabwe’s total ban on foreign currency circulation has triggered a huge premium for Bitcoin, which has sold for as much as $76,000.

As of press time, there is still a bitcoin price of up to $18,429.

1

Since last week, the Zimbabwean government has decided to stop the dollar trading and reintroduced the heavily damaged Zimbabwean dollar. As early as 2008, due to hyperinflation, the Zimbabwean dollar has almost disappeared.

The move was completely unexpected, and the cash shortage exacerbated people’s anger over economic policy.

Olaoluwa Samuel-Biyi, head of remittance service SureRemit, commented:

“Look at the application and price of Bitcoin in Zimbabwe. Like other places, 'full trust in the government' is just an economic term.”

In 2017, Zimbabwe officially stopped the legal circulation of cryptocurrencies. At that time, the economic difficulties continued, and Bitcoin once again appreciated greatly in the local area.

Since May last year, Zimbabwe’s cryptocurrency exchanges have been closed, so transactions can only be made on P2P platforms such as Localbitcoins.

Bitcoin

This phenomenon is very similar to the story of Bitcoin's rise in mainstream culture. Especially in countries like Venezuela, people are full of confidence in cryptocurrencies in the face of unreliable statutory laws.

If the Zimbabwean government does not change its route, it is likely that large-scale protests will occur. As a result, Azte.co CEO Akin Fernandez predicts that interest in Bitcoin will continue in the future – despite the authorities’ attempts to enforce their existing ban.

He wrote on Twitter:

"In this story, using Bitcoin instead of the US dollar, you can not only see the future of Zimbabwe, but also the future of every country on the planet."

“Their rejection is correct. Money is a service and should be provided entirely by the market, not by the state.”

Although Zimbabwe’s bitcoin trading data is not available, according to Coin Dance’s statistics last week, global bitcoin trading volume has set a new record.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

The Stock Exchange technology drives the AAX Exchange to be officially launched, and the four dimensions define the new industry standards.

Lead: As a next-generation digital currency trading platform, AAX leverages LSEG's Millennium ExchangeTM engine ...

Policy

Jurors buckle up as Sam Bankman-Fried's criminal trial takes off with riveting jury directions

SBF faces seven charges of financial fraud in connection with FTX's downfall in November.

Market

Wu's Weekly Picks: HSBC launches cryptocurrency ETF, US SEC rejects spot ETF application, Azuki criticized by community, and top 10 news (June 24-30)

Author | Wu's Top 100 Blockchain News This Week. US SEC Returns Spot ETF File According to WSJ, the US...

Blockchain

Witness history! Bitcoin plunges sentient beings: mining circle under pressure, exchange shuffled

Author: Liu four red Source: BBT Fintech Circle Editor's Note: This article has been deleted without altering th...

Blockchain

Derivatives track has become an industry consensus. Bitcoin will be up to 20,000 US dollars in the year?

2020 cryptocurrency market welcomes a good start: BTC rose more than 29% in January, and regained the 10,000 yuan mar...

Blockchain

Can the community restart and can the losses be recovered? 8 big events to clarify the way for FCoin to defend your rights

On February 17, 2020, FCoin founder Zhang Jian released the "FCoin Truth" announcement. FCoin was unable to...