Panic buying spreads to Bitcoin

Source: Panic buying spreads to Bitcoin | The Financial Gazette September 28, 2017

Bitcoin rose prominence in the aftermath of the 2008 financial crisis.

Bitcoin rose prominence in the aftermath of the 2008 financial crisis.

ON Monday, cryptocurrency, Bitcoin, saw a price spike on the local exchange, in the wake of a buying frenzy over the weekend. Bitcoin is digital cash defined by its inventor, Satoshi Nakamoto, as “A Peer-to-Peer Electronic Cash System”.


Demand for Bitcoin in Zimbabwe has been on the rise as locals look for alternative ways to settle international payments after the central bank introduced stringent exchange control rules early last year in a bid to manage a foreign currency crunch. Zimbabweans have increasingly resorted to Bitcoin to make foreign payments for a variety of transactions, including paying for vehicles imports. The digital currency traded as high as $7 200 on BitcoinFundi, a local cryptocurrency exchange, representing a premium of about 85 percent against prices on Coinbase (American mainstream digital asset exchange) from the same day, $3 900.

Locally, Bitcoin typically trades at a premium, but market prices on Monday were unusually high, reflecting a surge in local demand for the cryptocurrency amid the anxiety that gripped the nation over the weekend. Investors are looking for ways of preserving the value of their bank balances, a trend that has been evident in other markets in the economy, particularly equities.

The price of the digital currency reverted to less extraterrestrial levels on Tuesday as the situation in the broader economy showed signs of settling back to normalcy. On Tuesday, trading of Bitcoin on BitcoinFundi was predominantly in the price ranges of $4 000 to $5 500 representing a premium of between 5 percent and 40 percent.

Must READ:   Bafin Clarifies Stance on ICOs as More Germans Ask About Tokens

Globally, Bitcoin has risen to prominence in the aftermath of the 2008 financial crisis as it is a decentralised currency, with no single institution or entity dictating what happens within the network. Bitcoin is also favoured by many because of its transparency, which is achieved through a public ledger that records every transaction in the currency. The digital currency has also served as an investment toll or a way to store value for many despite its volatility.

Since September 2016, Bitcoin value has soared by over 500 percent. A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. There are over a 100 such currencies in circulation around the world, with a total market capitalisation of more than $100 billion. Bitcoin is the most prominent cryptocurrency with a market capitalisation exceeding $60 billion. –  By Omega Ukama

30 Replies to “Panic buying spreads to Bitcoin”

  1. You made some decent points there. I looked on the net for the problem and identified most individuals will go along with together with your internet site.

  2. Al Hadi AC Refrigration and Repairing is committed to giving your ACs a new lease of life. We have a team of experienced professionals which has serviced more than a 1000 units, much to the satisfaction of our clients. The effort at Al Hadi has always been to service a call in the shortest span of time and to close it with a happy client. The referrals we get is a testimony to our work. Try our services today!

  3. I’m seriously loving the theme/design of your weblog. Do you face any browser compatibility situations? A lot of my own website visitors have lamented regarding my real estate jobs blog not working correctly in Internet Explorer yet looks excellent in Firefox. Are there any suggestions to aid correct this issue?

  4. My spouse and I totally enjoy your blog and find almost all of your blog posts to be what precisely I am trying to find. Do you offer guest writers to write content for you? I would not mind publishing a post relating to asthma triggers or even on a number of the things you’re posting about on this website. Awesome site!

  5. Dr.Punnet and her Teams are really a great cheater in Delhi for IVF, initially they say we will provide world best technology but after getting all money they all can’t do any thing and again repeat cycle or again take money for evry cycle same money, they all are playing with the emotions of allots of couples, God will never forgive you Dr. Puneet. this is very bad clinic, this is only earning money nothing else, avoid this doctor, try in AIIMS, GANGA RAM ANY OTHER Government hospitals are better, all private IVF centre are cheaters, maainly Dr. Puneet is great cheater in Delhi.

  6. Thank you a lot for giving everyone an extremely pleasant chance to discover important secrets from here. It is always so kind and as well , stuffed with amusement for me and my office peers to search the blog particularly three times in one week to learn the latest issues you will have. Of course, we are certainly fulfilled for the unique thoughts served by you. Some 4 areas on this page are certainly the best I’ve had.

  7. You’re totally right! I really enjoyed reviewing this and I will certainly return for more right away. My own internet site is dealing with nutrition, you can take a look if you happen to be interested in this.

  8. You are completely right. I really liked reviewing this article and I will certainly come back for more as quick as possible. My site is on top movers and packers, you could take a look if you happen to be interested in this.

  9. Are you tired of your ac repair in Dubai? Are you looking for Certified Professionals to carry out your ac repair with improved facilities and in an expert way?. Hot and humid conditions are not easy to tolerate, especially when you are not used to them. But, thanks to the air conditioners – living in such extreme settings can also become a pleasant experience, and more so if you are in Dubai.

  10. Hey there! This is my very first comment here so I simply wanted to say a fast shout out and say I genuinely enjoy reading through your articles. Can you suggest other websites that go over best professional carpet cleaners? I am likewise quite fascinated with that thing! Thanks for your time!

  11. I don’t even know how I ended up here, but I thought this post was good.

    I don’t know who you are but definitely you’re going to
    a famous blogger if you are not already 😉 Cheers!

  12. I was talking to a buddy of my own regarding this article and even regarding online excel classes too. I do think you made a few very good points on this page, we are excited to find out more information from you.

  13. Howdy can you tell me which blog platform you are making use of? I am planning to get started with my personal blog on conference room monitors very soon though I am having a difficult time deciding.

  14. We absolutely enjoy your website and find many of the blogposts to be precisely what I am searching for. Would you offer guest writers to write articles for you? I would not mind creating an article on best Ethereum wallet or perhaps on a lot of the subjects you write about on this page. Again, awesome blog!

  15. Hey can you let me know which blogging platform you’re making use of? I’m looking to get started with my own website on NYC ticket soon but I’m having a hard time making a choice.

  16. I was talking to a buddy of my own around this info and also about NYC parking ticket as well. I do think you made some great points on this page, we are looking forward to continue reading stuff from you.

  17. I am really curious to find out just what website platform you are working with? I’m having a few minor security difficulties with the latest blog regarding credit card numbers that work and I’d love to find one thing a lot more risk-free. Have you got any suggestions?

  18. ANPC is a free nation for and by the living men and women of the earth. This Private Nation is a grassroots association based out of Indonesia having its own International Charter, Peace Treaty, Constitution, Rules of conduct and has adopted the Declaration of Human Rights. These Treaties have been Registered by International Notice to the Hague and World Court as well as other agencies worldwide. The entire goal and mission of ANPC is WORLD PEACE and freedom for all the nationals of the world, focusing on a peaceful gathering together of all tribes and nations. Our living men and women are to live as Peaceful Inhabitants on the land, striving always to create a better world today and for future generations.

Leave a Reply

Your email address will not be published. Required fields are marked *