Bitcoin News – Bitcoin is Trading for $12.5K in Zimbabwe
November 15, 2017 6:18 am
Bitcoin is trading in a large superior on local Zimbabwean exchanges, as the fighting country struggles by another round of hyperinflation. BTC was selling for $12,500 on the local exchange, golix.com. The huge premium has doubled price in the US, seems like it is connected to the difficulty through accessing with the other international exchanges.
These years, the country was in the news due to its massive level of the inflation, and it is creating such situations where people were forced to carry their dollars with their backpacks even if they want to purchase some groceries due to the inflation often. In such condition, whatever funds the people have an externally fixed currency such as Bitcoin, will create the stability and usability in the marketplace where none of the currencies existed as such.
Creating the new markets
Obviously, the market at this stage represents an arbitrage nightmare, depending on which side of the transaction a consumer is on. However, the clear use case should give hope to Bitcoin bulls, looking to see the price increase to higher levels.
Since thousands of new users capitalize on the capacity to exchange the goods and funds in the simple and proper way, The market is forcing the weak fiat currencies are driving the prices for Bitcoin.
Of course, As of now, the market will be representing arbitrage nightmare, depending on how exactly the people want to have their transactions and through what kind of platform. Anyhow, the clear use case should give confidence to the Bitcoin users who all are waiting to see the price increase to the higher level.