Bitcoin selling at a premium price of 600% in Zimbabwe?

[bitcoincash]

Bitcoin has become extremely scarce in Zimbabwe since the government officially prohibited trading crypto in 2018, Zimbabwean crypto traders finds it very difficult to buy bitcoin since the last exchange platform has been shut down. The only way in which citizens can buy bitcoin (BTC) is via P2P exchanges, such as the well-known LocalBitcoins platform.

Traders have resorted to the peer to peer exchange of bitcoins, however, you’re buying from outside the country. he asking price is $45,000 while t the time of this screenshot, bitcoin’s price is $11,250.
Bitcoin is only available locally at the asking price of $45,000 while some even asked for $84,000. Although, it is not certain if traders are buying at these prices.

The obvious reasons for this hype in the price of Bitcoin in Zimbabwe is directly caused by the hyperinflation affecting the economy. The government began increasing the rate at which they were printing money and increasing the money supply which lead to an almost zero value of the currency.

“Tech-savvy Zimbabweans have long used bitcoin and other cryptocurrencies to plug foreign currency and liquidity gaps plaguing the country, so much so that the southern African country has become one of Africa’s most active markets for crypto transactions”. Source: Quartz Africa

Zimbabwe runs a cashless society with most of its transactions card based or with mobile money. Thus, it is easier for bitcoin traders to sell at global prices for cash through Western Union because cash is rare in Zimbabwe.

Zimbabwean government confiscated digital fiat more often than not, which makes crypto traders skeptical using the banks, therefore opting to exchange thier cryptocurrencies through EcoCash payments. As South Africa’s neighbor is Zimbabwe, there have been a lot of trades going on between them, which can be linked to the recent huge demand of bitcoin in S/Africa.

[CryptoWarrior]

i heard Zimbabwe have a inflation like 100000%
nothing strange about btc price there

[Glados]

I heard that in some countries it is forbidden to use Bitcoin, but I have never gone deeper. As for the exchangers, it's all virtual and does not affect the country's economy in any way.