Bitcoin Price Soared To $7,200 In Zimbabwe

The price of Bitcoin in Zimbabwe has soared to a remarkable $7,200 compared to the global price of $3,900 at the time of publishing. This is the price that the cryptocurrency reached on 25 September 2017 on a BitcoinFundi, a Zimbabwean Bitcoin Exchange.

For several years Zimbabwe has been hit by hyperinflation which also lead to the death of the Zimbabwean dollar. However, this in turn has seen the rise of mobile money and Bitcoin in the Southern Afrikan country.

The problem has been hightened by Zimbabwe's government stopping all credit card payments and restricting foreign currency flows into and out of the country. With the currency shortages and hyperinflation, Zimbabweans are slowly accepting Bitcoin as a means for payment for goods and services.

Zimbabwe's government doesn't have a clear stance on the use of Bitcoin for payments in the country but the Reserve Bank of Zimbabwe has previously cautioned Zimbabweans against the use of Bitcoin citing the collapse of some Bitcoin Exchanges as an example.

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