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Sales of Bitcoin in Zimbabwe beat records



Bitcoin is trading at a huge premium on local stock exchanges in Zimbabwe, as the country struggles through another bout of hyperinflation.



14.Nov.17 1:19 PM
By Daria Zaytseva
Photo Toinnov.com

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Sales of Bitcoin in Zimbabwe beat records

At press time, BTC was selling on the local exchange, golix.com, for $12500. The substantial premium - almost double the price in the U.S. - is likely due to difficulties in accessing to other international exchanges.

In recent years, the country has been in the news because of its huge inflation levels, often creating situations where local residents are forced to transport Zimbabwean dollars to the market for some simple products. In an economy where such inflation quickly devalues ​​any funds that consumers have an external fixed currency, for example, Bitcoin, creates a stable and usable market, where it did not exist before.

Market forces in countries with weak or very weak fiat currencies lead to an increase in Bitcoin prices, as tens of thousands of new users capitalize on the possibility of a simple and clean exchange of goods and assets.

Obviously, the market at this stage is an arbitration nightmare, depending on which side of the transaction a consumer is on. Nevertheless, a clear case of use should give hope to Bitcoin bulls, wishing to see the price increase to higher levels.




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