RATE Group | Bitcoin Price Hits Insane 1000% Premium in Hyper-Inflated Zimbabwe
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Bitcoin Price Hits Insane 1000% Premium in Hyper-Inflated Zimbabwe

17 Jul Bitcoin Price Hits Insane 1000% Premium in Hyper-Inflated Zimbabwe

Posted at 14:16h in Bitcoin News by

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Zimbabwe’s worsening economic conditions have seen the citizens of the Southern Africa republic turn to Bitcoin leading to them paying a premium price on over-the-country crypto trading platform LocalBitcoins.

Currently, there are sellers on the OTC crypto trading platform asking for $104,000 per Bitcoin. With the Bitcoin price hovering below $10,000, it means they are charging a premium of nearly 1,000 percent.

Bitcoin Price

The Zim dollar is back… and fears of hyperinflation

The Bitcoin price premium is coming weeks after the Zimbabwean government reinstated the Zim dollar. At the same time the government also banned the use of foreign currencies in the settlement of domestic transactions.

Earlier this month, after another huge Bitcoin price premium in Zimbabwe had been observed, eToro markets analyst Mati Greenspan argued that the high price was due to the locals trying to get rid of their U.S. dollar holdings after the government reintroduced the Zim dollar. At the time the Bitcoin…

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