In Zimbabwe hyperinflation has inflicted an immense increase in value of Bitcoin (EXANTE: Bitcoin).
As per a report from CoinTelegraph, the price of one Bitcoin on BitcoinFundi, a Zimbabwe-based Bitcoin exchange, reached a maximum value of $7,200.
The currency reached a 85% premium on Tuesday, as more and more people are trying to convert their financial reserves to the cryptocurrency.
The price got affected hugely after the country’s government banned credit card transactions and limited the international fund transfers.
Venezuela also has been facing severe hyperinflation recently and that is why it is turning into a first cryptocurrency country. In order to avoid tremendous losses through uncontrolled hyperinflation local business are beginning to accept only Bitcoin or money wires of foreign currencies.