Bitcoin is trading at a huge premium on local Zimbabwean exchanges, as the embattled country struggles through another bout of hyperinflation. At press time, BTC was selling on the local exchange, golix.com, at $12,500. The substantial premium - nearly double the price in the US - is likely connected to the difficulty in obtaining access to other international exchanges.
The country has been in the news in recent years for its massive levels of inflation, often creating situations where locals are forced to carry entire backpacks of Zimbabwean dollars to the market for some simple groceries. In an economy where such inflation rapidly devalues whatever funds consumers have an externally fixed currency like Bitcoin creates a stable and usable marketplace where none existed before.
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The country has been in the news in recent years for its massive levels of inflation, often creating situations where locals are forced to carry entire backpacks of Zimbabwean dollars to the market for some simple groceries. In an economy where such inflation rapidly devalues whatever funds consumers have an externally fixed currency like Bitcoin creates a stable and usable marketplace where none existed before.
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