Zimbabwe banned the use of the United States dollar, forcing its citizens to adopt a national currency which backfired massively. In the latest cryptocurrency news today, we read more of what exactly happened.
Zimbabwe’s national currency stopped circulating all the way back in 2009 while they were trying to stabilize the economy. However, when the policies changed, the government of the country readopted the local currency which was the RTGS dollar- later renamed to the Zimbabwe dollar. Zimbabwe banned the use of domestic transactions by using foreign currencies. This move was not accepted among the locals and many avoided using the ‘’zollars.’’ Some of the people like Godfrey Mupanga tried to ask the courts to ban that decision. Others traded dollars on the black market in order to protect themselves from the huge inflation.
The recent interest in crypto led to a major increase in the volume of Bitcoins sold in the country. Some of the citizens leveraged the advantage of cryptocurrencies in order to offer services or to open a business based on blockchain technology in order to avoid government restrictions. One such example is Tinashe Jani who used blockchain to send money between Zimbabwe and South Africa:
“The cut by the banks meant that one could not swipe or withdraw money in their account for rent, fees, or even groceries. So, we started using the local currency to buy bitcoin in Zimbabwe and sending those to SA and immediately converting them to rands for our clients for a small fee.”
Although the government considers Bitcoin to be illegal, the citizens of the country prefer to risk it all using bitcoin than to lose all their purchasing power. Bitcoin trading increased so much in the country that today it is one of the most important markets in the southern part of the African continent. The CEO and founder of the Golix crypto exchange Tawanda Kembo noted:
“What we are seeing is that there is a lot of demand for bitcoin, and there is little supply compared to demand, so all the activity in bitcoin which we are seeing is happening on dark markets instead of exchanges.’’
As reported in some of the best cryptocurrency news sites, just like in Zimbabwe, Venezuela has the same problem with the high inflation. The market is sustained by Venezuelans without the state’s participation so it seems like Bitcoin is the only way to protect themselves from the terrible decision of their governments.
Fiat Money Is Used 800 Times More Than Bitcoin To Launder Money
“Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking. Many players have attempted to use cryptocurrencies to fund their malignant behavior. This is indeed a national security issue.”The results of the Messari research show the same thing that Europol already concluded in their report ‘’Why Cash Is Still King?’’ where they talk about fiat money is the number one tool used in crimes. In the reports they also describe how criminals still use fiat money in their operations rather than bitcoin and cryptocurrencies:
“Although not all use of cash is criminal, all criminals use cash at some stage in the money laundering process … While the world is looking with concern at the possible misuse of virtual currencies by criminals, this report may seem somewhat unusual in that it is not highlighting a new phenomenon or an emerging risk…money laundering schemes detected by law enforcement are still largely characterized by traditional techniques, in particular, the use of cash.”As noted in some of the best cryptocurrency sites and reports, bitcoin is still considered as stable rather than fiat money since in the last decade the FED increased the currency supply by more than 12.664% which is more than Bitcoin did.
Big BTC Price Boom Will Bring To Consolidation: Market Experts
“If BTC goes to $100, it is game over. It won’t. It’s already established itself as a store of value. Stop wasting your time with these tweets and go outside and enjoy the summer. BTC is consolidating before its next move higher.’’The crypto technical analyst Josh Rager indicated that from a technical perspective, Bitcoin has still not broken out of the $10,850 resistance level:
“Daily time frame resistance did its job & price closed under after that $400+ wick It’s always good to wait for a retest to make sure a broken resistance holds as support & this is a clear example Neutral at the moment & still in range.’’The big BTC price boom is expected to bring the price above the $11,000 level and it is expected to start a consolidation phase. The traders indicated that the $10,850 resistance level should be breached in order to confirm a bullish trend:
“10.4 met. No violent reaction, no rejection – BTC looking decent. Let’s see reaction at this next resistance. Punch and close above $10,850 and things start looking substantially bullish.’’As it was explained in the analysis in the best cryptocurrency news sites, Bitcoin was not able to reclaim the $10,850 position despite the action which led the cryptocurrency to surpass the $11,000 on July 20. As the price slumped, precious metals such as gold and silver are having the best times of their lives. However, according to Equity Armor Investments executive Brian Stutland, says that crypto assets will appeal to investors if the interest rates fall.
Bitcoin Retests The $11,000 Range Holding A Strong Low Volume
Bakkt BTC Futures Reached “Critical Mass” And Expected To Launch Soon
"We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH," one of the tweets which went viral on many best cryptocurrency news sites reads.As per analysis from Sam Doctor of Fundstrat, institutions and other entities in attendance were not only bullish on Bakkt but the broader Bitcoin and cryptocurrency market, too. In a recent Fundstrat research note to Twitter, Doctor explained that his first-hand experience of the event slated to be the first US regulated vehicle of its sort that is physically delivered. He pointed out to the Bakkt BTC futures, saying:
“As we have written before, Bakkt tackles many of the barriers to adoption for traditional investors seeking to expand their mandate to include crypto.”He also went on to write that there “appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch,” noting that the firm's sales team is starting to ramp up discussions with everyone from brokers and market makers. The news comes hot on the heels for Bakkt BTC futures. Earlier this year, the company made a series of hire as their "Careers" page noted. One job listing called for a mobile app developer which sparked a further discussion about Bakkt's plans post-Bitcoin futures. An excerpt from Bakkt.com reads:
“Whether between consumers and merchants or peers, the ability to conduct transactions in digital assets holds promise as a these new global currencies evolve beyond a store of value or speculative assets, and as distributed ledger technology scales. Bakkt is working with leading merchants who recognize the potential of digital assets.”Earlier reports have suggested that Starbucks may be one of the users of Bakkt's eventual payments solution which is most likely to involve Bitcoin. Currently, the Bitcoin and altcoin news show stability on the market after the wide breakout.
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- Big BTC Price Boom Will Bring To Consolidation: Market Experts
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- Bitcoin Retests The $11,000 Range Holding A Strong Low Volume
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