Bitcoin Demand Surges in Zimbabwe Following Successful Coup

The price of Bitcoin surged by as much as 10% on the Zimbabwean exchange Golix in mid-November 2017 after the military successfully staged a coup d’état. The country is already known not to have a strong economy; Zimbabwe’s peak month of inflation was November 2008, when the rate of inflation hit an estimated at 79.6 billion percent.

Based on data from the Golix website, Bitcoin’s price has skyrocketed to up to $13,499 in the country, nearly double its rate in the international markets. As of November 15, Bitcoin was trading at $13,010 in the country’s capital Harare.

Crisis in Zimbabwe and its effect(s) on Bitcoin

The Zimbabwean army assaulted Harare on November 14 following a week of confrontation with the administration of President Robert Mugabe. According to the army, the move was aimed at preventing an expected violent and deadly civil war in the country. Mugabe has been the country’s head since 1980…

Read Full: Bitcoin Demand Surges in Zimbabwe Following Successful Coup