Today, everyone is talking about cryptocurrency, Zimbabwe, and the revolutionary relationship built between these two. The surging prices of nearly all the famous cryptocurrencies in Zimbabwe have truly exceeded the expectations of traders from the whole world. The major leading cryptocurrency, – bitcoin has surged up to a whopping price of $60,438 surpassing all other African’s local currencies.
From being underdeveloped to progressively developing, today nearly every 10 in one Zimbabwean is earning more than 10x times they had ever earned. Africa is already a well-known hub for cryptocurrency and Zimbabwe has remarkably become its powerhouse due to the tremendous number of investors and helpful services like bitqt there.
A recent report by crypto basic says that people in Zimbabwe own the most diversified crypto portfolios. It is not because the country shows exceptional demand for acquiring different cryptocurrencies but also that Zimbabweans have excelled in learning how crypto works. All the statements mentioned clearly prove that cryptocurrency has finally been popular in the state and making rounds of applause there. Let’s find out the reason behind this exceptional crypto popularity in Zimbabwe.
- Escape from poverty
Look 5 years back from now and you’ll see the devastating poverty-stricken lives of Zimbabweans. The country was not as liberal, progressing, and advanced as it is today. Zimbabwean has survived extreme bad times of poverty due to the poor governance and high inflation in the country. The trillion-dollar bitcoin itself was once the worth of pennies in this under-developed country. However, cryptocurrency has amazingly helped Zimbabweans fight its hyperinflation crisis and recover other losses that it faced during all these years.
- Political turmoil
The government of Zimbabwe had been very careless and ignorant for years. After the retirement of its last president Robert Mugabe in 2017, the country faced severe political and economic turmoil that led Zimbabwe to observe a huge financial decline. During that time Zimbabwe also faced numerous pressing rules such as banning of local currency, adoption of international currencies, debts, mortgages, loans, and a lot of poor fiscal management.
However, the rise of cryptocurrency gave hopes to the country in curing its stubborn poverty, drove up prices, and stabilized the financial money by increasingly using cryptocurrency for a number of purposes.
- Independent nature
Not only African’s poor conditions but cryptocurrency’s independent nature has also become a major leading factor for the rise in cryptocurrency popularity. The reason why any other technology could not survive in Africa is because of its government that holds a major share in every financial aspect of the country. But, cryptocurrency has amazingly replaced fiat countries that are fully controlled by the government. Being an independent digital asset, cryptocurrency serves as a great store of value without letting the government interfere in any of its matters.
Not too back when Africa was all over the news because of its severe bankruptcy situation especially in Zimbabwe. In 2008, the people faced an extreme loss of money and financial decline that eventually resulted in creating a bankruptcy situation in the country. During this time, neither the government nor the monetary systems in Zimbabwe came up for financial help to any of the Zimbabweans.
As a result, people had lost almost all their life savings and started seeking aid from helpful money-making sources. Fortunately, the baptism of cryptocurrency in Zimbabwe wonderfully made them capable of earning profitable independent sources of revenue even with less capital.
There’s no denying in saying that cryptocurrency has drastically impacted the financial condition of Zimbabwe. As per the predictions, the traders are in pursuit of ways through which they can use this lucrative money-making source without paying high taxes. If this country progresses like this, Zimbabwe will soon take over all the cryptocurrency and would make the best out of it as it already saves $90 billion in paying remittance fees.