Price of Bitcoin skyrockets in Zimbabwe goes up to $7200 as locals panic

The price of Bitcoin is soaring in Zimbabwe as locals seek a safe way to maintain the value of their money at a time when the country is experiencing an economic crisis. Individuals have been looking for a store of value as it has become very difficult to withdraw money from banks due to the cash shortages. At the same time, the value of the bond notes has been going down against the United States.

At one point last week, Bitcoin was trading at an 85 percent premium after it reached the price of $7 200 on the country’s lone bitcoin exchange Bitcoinfundi. At the moment, the price is around $6150 for one Bitcoin, which is well above the $4200 global average. As the country continues to deal with economic hardships, some Zimbabweans believe bitcoin could be the answer to their problems.

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