According to a recent article in QZ, many residents living in Zimbabwe have faced increasing difficulties due to the collapse of the country’s formal financial system. Fortunately, Bitcoin has become a very attractive alternative to the national currency which faces record inflation. In addition, it facilitates online payments which is something that Zimbabwe's banks have several restrictions on.
In addition to a hedge against inflation, Zimbabweans have also been using cryptocurrencies as a saving mechanism. This has been increasing after the country faced a massive period of hyperinflation period in 2008, which led to the collapse of the country’s banks.
As countries continue to face problems with hyperinflation, more people will turn to physical gold, silver and cryptocurrency as a hedge. This is a fact that has been recently proven by people living in both Venezuela and Zimbabwe.
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Sources :
QZ
