Bitcoin has brought about subsequent transformation in the new currency market. While for some it is an advantageous situation, for the Zimbabweans it is however not a lucrative offer, as, for them, cryptocurrency seems to proffer limited financial protection. People are opting for Bitcoin as a viable option than their regular banking system. With such colossal acclamation, the value of Bitcoin rose to $7888 in last week.
According to Harare’s Bitcoin exchange Golix, the value rose to $13000. This created an alarm stating that Bitcoin can boom like a bubble, but under severe financial crisis, Bitcoin was the only viable option for the Zimbabweans. They now see bitcoin as the safest option to restore their investment. In a current scenario, it was reported that to withdraw $100 cash from the bank, the Zimbabweans had to pay an amount of $120 which has now risen to $180. These popularly came to be known as Zollars. Under such perilous situation, all the transactions were made via debit card and online payment. It was then the Zimbabweans realized that Bitcoin is their safest place to store assets.