Bitcoin is worth $13,500 in Zimbabwe

Zimbabweans turn to bitcoin as cryptocurrency value soars to $13,500

Bitcoin surged in value to $13,500 in Zimbabwe after the country’s armed forces seized power on Wednesday.

The cryptocurrency is often seen as a risky bet because of its extremely volatile price but desperate Zimbabweans are seeking to pour their money into anything of value as political turmoil deepens, sparking fears that hyperinflation could wipe out the value of citizens’ savings.

When Zimbabwe’s army seized power on Wednesday, it took over the state broadcaster and said it had placed President Robert Mugabe under house arrest.
Queues were seen forming outside banks on Wednesday morning in Zimbabwe’s capital Harare, with some sleeping overnight outside banks to withdraw savings, Reuters reported.

The price for a single bitcoin on Harare’s bitcoin exchange is close to double the price on global bitcoin exchanges due to the country’s liquidity challenges.