According to a local trader, bitcoin isn't just being bought by individuals, but by businesses with bills to pay. The country adopted the U.S. dollar back in 2009 as its fiat currency, as the Zimbabwean dollar had lost nearly all its value.
At press time, LocalBitcoins Zimbabwe has people buying bitcoin at the global average, and some buying the cryptocurrency for cash for well over $10,000 in the country's capital. Bitcoin, as every bitcoiner would expect, is helping people in the country survive times of economic uncertainty, as Zimbabwe has been embroiled in a crisis for years.
Why Bitcoin Is So Valuable in Zimbabwe
In the early 2000s, according to the publication, Zimbabwe's president, Robert Mugabe, encouraged citizens to invade commercial farms mostly owned by UK descendants. Following these invasions, the country's agriculture collapsed, which led to the Zimbabwe Reserve Bank to run out of money.
In the mid-2000s, the bank decided to print Zimbabwean dollars to pay the army, civil servants, and police. The mass printing of dollars, as one would expect, led to hyperinflation to the point in which a customer walked into a store to buy bread, only to find its price had tripled once he arrived – if it was even available.