Bitcoin is trading at a whopping $7200 in Zimbabwe.
In the wake of hyperinflation and citizens facing the devalued currency, they are forced to look for a much safer and a stable currency. With a devalued currency environment Zimbabwe is welcoming a more stable form of currency.
The country had hit its critical point in 2008 and at present faces a similar scenario. The country seems to be running towards a similar situation. Hence the citizens are buying dollars and Bitcoins.
The bitcoin is gaining huge popularity with every day. The government after restricting all the payments through credit cards has allowed only the cash in or out of the country. People are paying for their cars through Bitcoins, which the car lender are happily accepting it.
All this led to the rise in the price of the cryptocurrency by 85% trading t $7,200. The premium value suggests how desperately people want to buy more alternative means in an economy where government controls have restricted traditional means.