$7,200 = 1BTC: Bitcoin price surges to $7,200 in Zimbabwe

The price of Bitcoin soared to $7,200 on Zimbabwe's local exchange BitcoinFundi, late Monday, as threats of hyperinflation hits the African nation.

William Chui on TechZim reported that the price surge translates to an 85% premium based on the current price of $3,900 on Coinbase. Analysts are unsure whether it was the highest that the cryptocurrency has traded as no official price tracking is in place in the local Bitcoin market.

Zimbabwe is again facing the prospect of runaway hyperinflation similar to what happened in 2008. It was reported that the government has stopped all credit card payments and imposed strict regulation on cash flow in and out of Zimbabwe.

The current situation is forcing many citizens into panic buying of basic commodities. Businesses and cooperatives are also having a hard time making external payments as banks prioritize telegraphic transfers.

The report stated that hard currency is fast disappearing from the streets which fuelled the demand for alternative currency such as bitcoin.

People sending money to Zimbabwe using bitcoin will benefit greatly from the latest price surge, the report concluded.