The Bitcoin miracle isn’t about a bunch of people who have faith in the cryptocurrency as a good investment. But for many bitcoin users in Zimbabwe, Bitcoin has the power to transform the nation. This week, the Digital currency’s market share has reached nearly $170 billion this year, In fact, Bitcoin alone has outshone PayPal in recent months.
The bitcoin price as of yesterday had reached $7,598 and in the country, it had reached about $11000 (bonds), as the market continues to be optimistic about the mid-term performance of bitcoin.
RBZ Deputy Governor, Dr. Khupukile Mlambo, said the central bank was closely watching developments in crypto-currency usage to examine opportunities and risks involved should the model be adopted into the mainstream financial system, the RBZ deputy made the remarks during a recent business seminar in Bulawayo.
“As the Central Bank, we are watching this issue of Bitcoins seriously because clearly, the future seems to be going in that direction although up to now we haven’t recognized them (Bitcoins),” Dr. Mlambo said.
“We have people in the RBZ who are looking into that, especially some of our colleagues in the central bank have started accepting it and we know that in Zimbabwe there is interest in Bitcoins.”
The use of Bitcoin in Zimbabwe has grown exponentially since the introduction of bond notes and the stopping of online payments buy most banks which has resulted in a restricted flow of cash into and out of the country.
The current market trend is pushing the price to new local highs. A trend that brings new highs shows a changing of tides as the bears begin to capitulate and the bulls begin to take over.
“I understand the economics of it but the technology is very complicated to me. Just over a year ago these Bitcoins were going for about $1000. If you have invested your $1000 two years ago you could be having $6000 now. So, it looks like it’s lucrative but also may be very speculative,” he said.
The main reason why Zimbabwean banks have not adapted bitcoin is that RBZ does not understand bitcoin at the current moment and the current research being done by the RBZ is a good move.
