After Mugabe, the Bitcoin in Zimbabwe rises to 17 875 $

The ouster of Robert Mugabe’s presidency of Zimbabwe after more than 40 years in power seems to have encouraged its citizens to get closer and closer to the crypto-currency is the most popular in the world, reaching a new peak of 17 875 $. However, it is important to remember that Zimbabwe uses the crypto-currencies for a long time.

Hyperinflation, the source of all evils

An analyst has noticed that ” it seems that people are more confident in Bitcoin than anything else to maintain the value of their money. “Almost immediately after the inauguration of the new president, Golix, a local market exchange based in Harare, has posted a growth of nearly 20 % of Bitcoin. This nation is in trouble is facing problems of inflation which have not been seen since the Reichmark in the Weimar Republic at the beginning of the Twentieth century.


A government that lacks solutions

Although the zimbabweans are moving away smart money disastrous issued by the government, this has not prevented the same agents of the State to issue decrees disconcerting. Moreover, the director of the country’s central Bank recently announced : “In regard to the Bitcoin, for us, this is not legal, and until we have established and put in place a legal and regulatory framework, the Bitcoin will not be allowed. “


The Bitcoin as the only possible recourse

For the Zimbabweans, reports Reuters, ” the crypto-currency seems to offer a protection rare against fears of a return to hyperinflation and a financial meltdown. “Indeed, in the streets of Harare, the black-market rate for the u.s. dollar continued to fall. It costs $ 140, by using the electronic bank transfer or “Zollars” to buy $ 100. “Facing a severe shortage of u.s. dollars, the Zimbabwean people are piled up in all that they think they can retain,” adds the newspaper.

Source : News.Bitcoin