Bitcoin Price Hits $76,000 on Zimbabwe LocalBitcoins

Bitcoin is trading at an eye-watering 600% premium in Zimbabwe, as the country’s oppressive monetary policy drives local investors towards the decentralized ‘safe haven’ cryptocurrency.  

BTC Price Hits $76,000 On LocalBitcoins

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. 

Zimbabwe officially pulled the plug on allowing cryptocurrency to circulate legally in 2017. At the time, economic woes were ongoing, and Bitcoin once again saw huge local mark-ups. 

Zimbabwe has had no cryptocurrency exchanges since May last year, with trading thus necessarily occurring on P2P platforms such as Localbitcoins. 

P2P Platforms Post Record Volume

The phenomenon closely mirrors similar stories which continue to define Bitcoin’s rise in mainstream culture. In particular, it is countries such as Venezuela where citizens have put their faith in crypto in the face of unreliable fiat alternatives. 

Discussing threats to stage mass protests if the Zimbabwean government does not change course, CEO Akin Fernandez thus forecast a persisting appetite for Bitcoin going forward – should authorities also attempt to enforce their existing ban.

“Replace ‘USD’ in this story with ‘Bitcoin’ and…

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