Bitcoin Surges in Zimbabwe
Bitcoin is trading at $13,500 in Zimbabwe, this is almost double the value it is trading on international exchanges. After the military seized power the demand for bitcoin surged.
Golix, a local exchange reports that since the news of the coup hit the price of bitcoin rose about 10%. Over the last month this exchange had $1 million bitcoin transactions compared to $10,000 transactions for the whole of 2016.
You may recall that Zimbabwe is the country that issued a $100 trillion note because of the country’s hyperinflation. Since 2009, Zimbabwe abandoned its own currency and has been using foreign currencies for their transactions.