Bitcoin Prices Skyrocket to $7200 on Zimbabwean Exchange During Economic Turmoil
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. For instance, the country’s lone bitcoin exchange Bitcoinfundi has seen bitcoin trades at an 85 percent premium. Earlier this week, one bitcoin reached a high of $7200 on the trading platform and the current price per BTC on the exchange is $6150.