[2017-10-01] Bitcoin Prices Skyrocket to $7200 on Zimbabwean Exchange

[Iloveelvis]

According to various reports, the African country of Zimbabwe is suffering from severe economic hardships similar to the inflation and currency crisis in Venezuela. Furthermore, demand for bitcoin is skyrocketing as the country’s only exchange is seeing bitcoin trades at US$6150 per BTC at the time of writing.

Zimbabweans are dealing with an economic crisis at the moment, as the country is seeing a wave of food and fuel shortages across the country. The nations’ currency is practically worthless, and Zimbabwe’s central bank is draining the reserves of individual forex markets. This is leading the country’s citizens towards finding alternative stores of value like hoarding gasoline, food and medical supplies, certain commodities, and now the digital asset bitcoin.

Read More Here >>> https://news.bitcoin.com/bitcoin-prices-skyrocket-on-zimbabwean-exchange-during-economic-turmoil/

[pixie85]

That's a great money making opportunity. Whoever set up that exchange will call it the best decision in life
What this event shows us is what could happen if more countries went into a state of financial crisis. People would turn to currencies that aren't managed by the government and Bitcoin's prices would go to the moon.

[1Referee]

That's a great money making opportunity. Whoever set up that exchange will call it the best decision in life
What this event shows us is what could happen if more countries went into a state of financial crisis. People would turn to currencies that aren't managed by the government and Bitcoin's prices would go to the moon.

People look at it as being a great opportunity, but it's not that great at all due to the ultra low liquidity over there. That being said, I am quite sure that the exchange operators there are slowly but surely selling their stash already, so it won't take long before these severe premiums will come down significantly. Other than that, these premiums show that the demand is increasing even in countries that aren't in the spot lights like some Asian and other African countries are. If people here have enough patience to keep holding their coins, they too will have the opportunity to sell at +$7000 levels, but then through Western exchanges.