Bitcoin May Be the Ideal Currency for Zimbabwe during the Times of Hyperinflation

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Zimbabwe has been having its own share of economic woes, just like rest of the world. The country is in short supply of currency leading to a financial crisis. The country’s economy has been running on the US Dollar since its recovery from the earlier collapse of the economy. The scarcity of US Dollar has got the economists thinking whether Bitcoin is the solution to the country’s current economic predicament.

The same thought has been reiterated by one of the notable economist and author of the book titled “When Money Destroys Nations”, Philip Haslam.  His thoughts were recently reported by one of the African technology news websites. According to the website, this is the first time someone with in-depth knowledge about the working of the country’s economy and been through the previous hyperinflation has suggested the use of Bitcoin.

The article quotes Philip Haslam saying,

“If Zimbabwe establishes a privatized bitcoin national currency, if the market naturally went to a Bitcoin type currency, as other currencies around the world indicate weakness with money printing happening, you’d have a whole lot of currency flowing into Zimbabwe… Zimbabwe would transform from a basket case to a global banking center

Read more ... source: NewsBTC USA

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