Bitcoin in Zimbabwe is more expensive than anywhere else in the world. But even by the developing nation’s usual standards, the current dollar price is eye-watering, with BTC touching $13,500 at Zimbabwe’s only exchange. The cause for the sudden spike is easy to attribute: with tanks rolling through the capital Harare and President Mugabe nowhere to be seen, the country is in meltdown.
World War Z
Bitcoin flourishes in times of conflict, be they regulatory, market-based, or military. Whether it’s global banking crises or increasing tensions between North and South Korea, when the world is at war, bitcoin becomes a safe haven. For citizens in countries such as Zimbabwe, bitcoin isn’t just a means of electronic cash or a store of wealth – it’s a lifeline.
On November 14 it was revealed that the maligned Robert Mugabe was nowhere to be found as a full-blown military coup got underway. An army major at the head of the revolt has since appeared on national TV to confirm that the aging president, who’s been in power since 1980, is safe. That’s more than can be said for the finances of the millions who’ve endured Mugabe’s dictatorial reign…