Bitcoin, the most popular cryptocurrency based on the concept of Blockchain, is being traded for as much as $7,200 in Zimbabwe.
In Zimbabwe, Hyper Inflation has inflicted an immense increase in value of Bitcoin. As per a report from CoinTelegraph, one Bitcoin is being sold for as much as $7,200 in the local markets. The currency reached a 85% premium today, as more and more people are trying to convert their financial reserves to Bitcoin. One Bitcoin has reportedly been trading at $7,200/BTC, an 85% premium as compared to the international Bitcoin prices.
The price of one Bitcoin on BitcoinFundi, a Zimbabwe-based Bitcoin exchange, reached a maximum value of $7,200 today. The price got affected hugely after the country’s government banned credit card transactions and limited the international fund transfers.
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As a country’s currency devalues, its population is forced to retreat to other options for value and monetary value. Zimbabwe has also been facing a decline in value for its currency. The public there, has, hence, resorted to buying other stable money options. While some prefer going for Dollars, people are also buying Bitcoins in huge amounts. All of which has caused an increased demand for this currency, which in turn has caused an increase in its value.
Cryptocurrency, the digital currency based on the concept of blockchain, has been taking the world by storm. Bookmark and regularly check the cryptocurrency section on our website to stay updated of what is hot on this topic.
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