Adopting the worlds strongest currency which was worth $3 in 2012 per unit and is now worth $600 per unit Â . In simple terms if someone exchanged $300 for bitcoins in 2012 and not spent it they could now exchange it back for $60,000.
(I’m sure glad I started buying mine in 2012!) If bitcoin was adopted as a national currency the dividends for industry, education, employment etc are gigantic. It is easily traded using mobile phone technology, it is the most secure currency in the world and the number one profitable investment for the last 5 years worldwide, nothing else even comes close.
Many banks including Barclays already use and promote bitcoin as an investment. Bitcoin can already be exchanged for Euros at ATMs in Europe and is accepted by growing numbers of businesses. Anyone can trade bitcoins on their phones and computers already in Zimbabwe and many do with huge returns, Africa is already the world leader in mobile phone transactions and so already has the mindset and ability to be the first continent to fully utilise the potential of bitcoin.
It is already traded widely as a private currency in Kenya and many other AFrican countries. Simply adopting it as another official legal currency here along with the US dollar, the SA Rand…etc. has the potential to not just stabilise the economy but to perhaps turn it into one of the fastest if not THE fastest growing economy in not just Africa but the world. Bitcoin is already the fastest growing and most stable commodity and currency in the world as a private currency. It is expected to rise even faster once the first country in the world adopts it as a national/public currency.
It’s worth noting that Zimbabwe has almost nothing to lose there is no need for the government to invest heavily just make it public to raise the awareness. Neither does it favour any political side it truly is a people driven currency so only threatens those who cheat, scam and abuse economics for personal gain. Let the market drive it to see how it performs and there is little doubt the government itself will be using it as the main currency in a short time. As the head of “Open Innovation” from Barclays Bank stated recently “Blockchain (bitcoin) could be the most significant innovation to impact Africa in 100 years”
TrulyPost published in: Letters to the Editor