The cryptocurrency exchanges of Zimbabwe traded Bitcoin higher than in other parts of the world even before recent events regarding the political status of Robert Mugabe, 93-year-old dictator, leader of Zimbabwe since 1987.
Bitcoin’s price on the local digital exchanges was so high due to correspondingly higher demand in comparison to other countries. And the reason for all this was the local currency, as the (can we call it “previous” by now?) government of Zimbabwe was not the finest not only when it comes to human rights, but to economy as well. The currency of this country has become a subject of constant jokes, with photos of people transporting big piles of paper money on wheelbarrows going viral.
On the other hand, Bitcoin has become if not a safe haven, but at least an attractive alternative to many residents of Zimbabwe. As the media reports, the Golix exchange now trades BTC for an enormous sum of 13,499 United States dollars per one coin, which might be the biggest price Bitcoin has been traded for by far. The level of uncertainty in the economic future of the country grows when it has revolutions, and, as witnessed by many other countries in human history, in times like these the local currency drops.
It’s better to provide some details on what happened in Zimbabwe. Yesterday, the world has seen some photos and video materials of military vehicles entering the city where Mugabe resides, and shortly after this, the military addressed the nation by telling there is no coup, the leader of the country and his family are secured and the military simply wants to find criminals responsible for the dire economic situation. It’s very likely that Mugabe will remain “secured” for the rest of his life, and the new government, while ruling on his behalf, will not in fact be dependent on his decisions anymore.