Cryptocurrency
BITCOIN PRICE HITS $76,000 ON ZIMBABWE LOCALBITCOINS
In a story reported by Bitcoinist, “As various media outlets reported in recent days, a full ban on foreign currency in Zimbabwe has triggered a giant premium for Bitcoin, which currently sells for up to $75,000. “At press time, BTC/USD hovered around $11,000, meaning the premium reaches a huge 580 percent. “Beginning last week, the […]
In a story reported by Bitcoinist, “As various media outlets reported in recent days, a full ban on foreign currency in Zimbabwe has triggered a giant premium for Bitcoin, which currently sells for up to $75,000.
“At press time, BTC/USD hovered around $11,000, meaning the premium reaches a huge 580 percent.
“Beginning last week, the country’s government opted to stop transactions in the US dollar and reintroduced the stricken Zimbabwean dollar, which disappeared in 2008 amid unbelievable hyperinflation.
“The move caught citizens entirely by surprise, with the cash squeeze compounding anger about economic policy.
“’Watch (Bitcoin) usage and prices spike in Zimbabwe, where, like everywhere else, ‘the full faith of government’ is just economic jargon,’ Olaoluwa Samuel-Biyi, director of remittance service SureRemit, commented about the situation June 24. ”
Continue to read the full story on Bitcoinist.
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