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Think Bitcoin's getting expensive? Try Zimbabwe

Zimbabweans turning to Bitcoin as local dollars collapse; Harare Bitcoin price almost twice as much as elsewhere in the world; cryptocurrencies used for overseas payments

Reuters  |  Harare 

For most investors around the world, Bitcoin is a volatile and highly speculative bet. For Zimbabweans, however, the cryptocurrency seems to offer rare protection from the onset of hyperinflation and financial implosion. Some are turning to Bitcoin out of desperation as their bank deposits lose value almost by the day, while others are using the online currency for housekeeping such as funding family members studying abroad. The result is startling. Bitcoin's global surge to a record high of $7,888 last week - a sevenfold increase since the start of the year - has been ...

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First Published: Mon, November 13 2017. 13:35 IST