The economies of African nations continue to grow rapidly with the new financial age heralded by cryptocurrency. Zimbabwe is among the youngest to join this trend because her government was initially against it. They even had legal restrictions on using, owning, and trading virtual assets. Fast forward to today, they became the leader in bitcoin trading among their neighboring countries in Africa.
The rapid growth of the Bitcoin economy in Zimbabwe is largely attributed to BitQT, an AI-powered trading platform. According to reports, the trading price of Bitcoin in the country reached 10 times the average selling price due to the sudden surge in investors. This soon stabilized to match the price of the rest of the world in the following months, which made exchanges with foreigners easier.
Zimbabwe changed its general stance on Bitcoin thanks to Mthuli Ncube, the country’s finance minister since September 2018. He saw the cryptocenter as a fascinating hub for payment solutions. This inspired the idea in Zimbabwe that crypto could lower the fees for remittances in the diaspora. The country then became the focus of all Ethereum, Tron and Dogecoin blogs on the continent as a new member of the network.
The rapid growth of crypto around the world
The growth of the crypto economy is not exclusive to Zimbabwe. In the course of 2021, Bitcoin and Ethereum reached new milestones worldwide. Bitcoin became legal tender in El Salvador and now the whole world is seeing how successful the country will be. So far, so good, as most of the country’s population now has access to their local Chivo wallet.
El Salvador is also trying a new potential sustainable source of energy for bitcoin mining. Ethereum, on the other hand, is evolving its network to implement a more sustainable system that its miners can thrive without using too much energy. So it can continue to be supported by electricity sources such as coal or weaker electricity providers such as solar energy.
How Bitcoin is becoming popular in Zimbabwe
Zimbabweans are not focused on mining, but they are investigating how to accept it as legal tender. The popularity of virtual assets revolves around ordinary citizens escaping poverty. Zimbabwe was once a country with hyperinflation that made their money useless. They even started using the U.S. dollar instead.
The economy has been a mess because of the lack of physical cash to distribute, because the US dollar has to be imported from abroad. Even so, Zimbabweans cannot go back to their local currency after the wrong decisions of their leaders have inflated them. Both problems are solved by virtual assets, particularly Bitcoin.
Cryptocurrencies are designed to be independent of a central authority. Its economy is based entirely on supply and demand. The takeover by neighboring countries such as Nigeria and Kenya cemented Bitcoin’s security against loss of value. Being a digital asset is attractive to Zimbabweans too, as proliferation is never a problem.
What Zimbabweans are researching the most is reducing money transfer fees. The country is famous for its overseas human resources. It also helps local businesses to accept clients or clients from overseas. Zimbabweans can accept virtual assets as payment and then convert them to fiat via international web-based exchanges.
AI powered exchanges like BitQT are an amazing aid to this process. They have cheaper fees than proprietary platforms, so Zimbabweans can make more profit from the tokens and altcoins they sell.
Zimbabwe’s crypto portfolio
A May 2021 report found that Zimbabweans had the most diverse crypto portfolios in Africa. Bitcoin is just one of the most popular investments in the country as it has the most diverse uses. Other cryptocurrencies that they have invested in are great stores of value for money transfers like Ripple and Tether. Ethereum has also become popular on both the mainnet and the beacon net with the new updates that made gas prices cheaper.
Zimbabweans are not concerned with penny cryptos, which may become the next bitcoin. For them, the current top assets are better investments as they are already accepted as a means of payment by many merchants. They focus more on Ethereum, Tron, or Dogecoin blogs which focus on adoption rather than market trends.
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