After Mugabe, Zimbabwe Pushes Bitcoin to $17,875

The resignation of Robert Mugabe from President of Zimbabwe after four decades  appears to have spurred its citizens even further into the waiting digital arms of the world’s most popular cryptocurrency, bitcoin, and to a new global high of $17,875. After years of theory and debate, the decentralized currency has its real-time case study as a refuge for those seeking to store their wealth in a medium that will hold its value or better.  

 

Zimbabwe as a Bitcoin Case Study

A local analyst noticed it “looks like people [of Zimbabwe] trust bitcoin more than anything else to maintain the value of their money. That is what’s propelling the price.” Almost immediately after the new President was sworn-in, Golix, a local exchange in Harare, showed bitcoin collecting a near twenty percent premium, lifting it to almost a clean ten thousand dollars above then-traded prices outside of the country.The struggling nation is beset by inflationary problems the likes of which haven’t been seen since the Weimar Republic’s Reichmark days of the early 20th century.As at least part of the reason why the Mugabe regime fell, former Minister of Finance, Ignatius Chombo was promptly arrested and charged with corruption and abuse of power. As of this writing, his bail is being reported as denied. International press outlets also report Mr. Chombo owns one hundred properties throughout the country, though he has spent the better part of the last 20 years in various low-level government agencies.The new President, Emmerson Mnangagwa, appointed previous Minister of Cyber Security, Patrick Chinamasa, to act as Minister of Finance until a cabinet is in place. 

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