Amid South Africa and Zimbabwe’s recent ban on local trading in foreign fiat currencies, local traders have reportedly seen asking prices of as high as $50,000 per 1 BTC if they attempt to purchase from abroad.
Bitcoin is currently trading above $10,915 on South African crypto exchange Luno, according to CoinMarketCap data — 10.5% above its price point on Cointelegraph’s bitcoin price index.
Commentators on social media this week claimed that bitcoin is allegedly trading at as high as $76,000 in Zimbabwe. This is a premium of over 600%. Screenshots from P2P site LocalBitcoins.com shared on Twitter have seen traders attempted to pocket colossal gains at an asking rate of $75-76,000:
Commenting on the allegations, Tuur Demeester who is the founding partner at Adamant Capital Tweeted :
“Likely this is inflation that is simply not recognized by the government. I’m skeptical of that number as reflecting genuine premium.”
EToro senior market analyst Mat Greenspan concurred stating:
“Some crypto sites are reporting a 600% bitcoin premium in Zimbabwe.
This massive markup is actually just a reflection of the black market rate for USD held in EcoCash which have just been rendered virtually worthless by the government.”
As of 2017 Zimbabwe has enforced a policy of blanket bitcoin criminalization.