Zimbabwe Panic Sends Bitcoin Soaring Over $6000 - Now Bigger Than Goldman Sachs

Tyler Durden's picture

Cryptocurrencies are broadly higher this morning with Bitcoin leading the way to new record highs at $6000 - nearing $100 Billion market cap, bigger than Goldman Sachs - as demand from Zimbabwe soars (and Spanish concerns see activity rise).

Most of the biggest cryptos are higher...

But Bitcoin is leading - now above $6000 for the first time ever...

And is now 'bigger' than Goldman Sachs...

As CryptoCoinsNews reports, Zimbabweans are attempt to escape yet another currency debacle...

According to TheNational.ae, bitcoin adoption in Zimbabwe is seemingly skyrocketing as the country’s economic situation looks bleak. So much so, that one bitcoin is trading at nearly $10,000 on the Golix.io exchange, while the global average is, at press time, of $5,642.00.

 

According to a local trader, bitcoin isn’t just being bought by individuals, but by businesses with bills to pay. The country adopted the U.S. dollar back in 2009 as its fiat currency, as the Zimbabwean dollar had lost nearly all its value.

 

At press time, LocalBitcoins Zimbabwe has people buying bitcoin at the global average, and some buying the cryptocurrency for cash for well over $10,000 in the country’s capital. Bitcoin, as every bitcoiner would expect, is helping people in the country survive times of economic uncertainty, as Zimbabwe has been embroiled in a crisis for years.

Where to from here? Some suggest $7000 is a key technical intersection...

h/t @Phinamics

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FreeShitter's picture

Glad I own a few....

BaBaBouy's picture

ZIMBABWEE and BITCOINZ in same the article ~

Whats that tell Yaas ???

tmosley's picture

Remember when Zimbabwe turned to gold to escape the monetary disaster imposed on them by their rulers?

The markets are speaking yet again. Will the peanutz listen?

overbet's picture

tmosley  overbet Sep 30, 2017 2:40 PM

One BTC sold for $4340.   UPDATE: $5977.00

3.4 ounces of gold bought at @1280.   UPDATE: $1,286.10

http://www.zerohedge.com/news/2017-09-30/meanwhile-bitcoin-soars-40-post...

http://www.zerohedge.com/news/2017-09-30/meanwhile-bitcoin-soars-40-post...

BaBaBouy's picture

I'll give it this much ... Vampire Squid Slayer ...

Butt at what point does the USA Pull the Plug on Bitcoinz ???

overbet's picture

I have a stack of Zimbabwe hundred trillion dollar bills. I give them to sheep for the holidays in their Christmas cards with a note that they are now trillionaires. You can pick them up on ebay if you dont want to travel to that shithole.

Pool Shark's picture

Yep,

I got mine (crisp & uncirculated) from Provident a few years ago when you could get them for only about $3.00 each.

Now they're $60.00 on ebay.

Who would have thought Zimbabwe dollars would be a better investment than Bitcoin?

 

[PS: Anybody know why Treasuries just exploded? (10-Year Yield plunged from 2.38 to 2.25)]

 

tmosley's picture

A 30-bagger over "a few" (ie three or four) years does not beat the performance of bitcoin.

Also, there is pretty much zero liquidity in that "market".

malek's picture

But the market cap, think about that market cap!

tmosley's picture

Market cap doesn't matter if the market is illiquid.

Buckaroo Banzai's picture

Man, the half-life on these BitCoin dips sure has shortened up dramatically. It used to be measured in years. Then, in months. Starting not too long ago, you could measure it in weeks, or even days.

Now, it's measured in hours.

espirit's picture

Unkle Scam or the Central Banksters are gonna Love these new found Gazzionaires.

in4mayshun's picture

Hurry up investors! Millions of Ponzi-chasers need your continued influx of dumb money to keep this thing going!

Golden Phoenix's picture

The people making the money are the dumb ones. I see what you did there. You're so funny.

overbet's picture

Holy fuck $60? I bought them years ago. I should sell the ones I have left.

Txpl9421's picture

Its the weekend for the end of the world, silly.

 

You have tiume to go load up on ice cream and toilet paper.

Golden Phoenix's picture

Sounds like someone is lactose intolerant.

Antifaschistische's picture

I tell ya, when the educated sophisticated traders in Zimbabwe start to buy....that really tells you something.

Buckaroo Banzai's picture

You kind of missed the point of the story, knucklehead.

These aren't "sophisticated traders" buying BitCoins, these are everyday business people desperate to find a currency that (1) is a reliable store of value, (2) easily usable in electronic commerce, and (3) keeps them outside Zimbabwe's banking system, which is--I'm guessing-- even more corrupt and useless than the American banking system.

BitCoin is the only option that fits the bill.

Bay of Pigs's picture

Care to explain how many fucking people in Zimbabwe have $6K USD laying around to buy BTC?

This article is bullshit. Other than Mugabe and his cronies most of the people in that country are dead flat broke.

tmosley's picture

I'm having a hard time comprehending this comment. I've seen some stupid fucking posts in my day, and you ARE stupid, but do you expect us to believe that you are so stupid that you don't know that you can buy a tiny fraction of a bitcoin?

Might have to start calling you Private Pyle.

https://www.youtube.com/watch?v=Em4-DyiAB2A

Bay of Pigs's picture

Point is, they have no money dipshit. How do they buy ANY BTC with no cash to speak of? The entire country is a poverty stricken third world shithole.

Again, anyone actually believing huge demand is coming from a economically and financially destroyed country like this is on crack. I guess North Korea is next?

tmosley's picture

Are you trying to say that in the entire nation of Zimbabwe, there is not so much as a single dollar bill?

And yes, any national scale level of demand, including that of economically tiny Zimbabwe, is enough to move the bitcoin price in a big way. BTC is still tiny, only 2-3 times the size of silver.

Not that you can understand any of that, cognitively blind as you are.

in4mayshun's picture

Getting laid by hookers is temporarily enjoyable too but most people don't do it because it makes them feel cheap, ashamed, and dirty. Exactly the way I feel about about trading Bitcoin.

roodeetoodee's picture

If you knew anything about the currency you're so intent on dismissing you'd know that you can go and view the transactions on the chain at any time and confirm for yourself that, yes indeed, the demand is comin out of Zimbabwe.

What's it like to be so outdated in ones mode of thinking?

 

Golden Phoenix's picture

How do you get dollars? Do you buy them with dollars? Or do you exchange goods or services for them? Being able to perform services over the internet in exchange for bitcoins has been a godsend for people living in shitholes worldwide. Before bitcoin who would exchange dollars to Zimbabwe currency to pay them? No one. Bitcoin is a lifeline for them. But it's a one dimensional 'pyramid scheme investment' to you devoid of practical use and applications so you don't understand.

Mustafa Kemal's picture

"Care to explain how many fucking people in Zimbabwe have $6K USD laying around to buy BTC?"

I have a friend who asked  me this same question.  I told him, you know, its not like a golden eagle, you can buy .1BTC or .01BTC, which I recommended that he do.

Costs $60. You too can afford it.

Bay of Pigs's picture

More disinformation. They are the poorest people in all of Africa. But I'm sure they all have nice computers to mine BTC and pay big electric bills. Laughable analysis. Money laundering makes far more sense.

"People in Zimbabwe count as the poorest with US$200 per person, while the country was also last on the list of total wealth of $3bn."

https://zimbabwe-today.com/africa-wealth-report-zimbabwe-citizens-poores...

maxblockm's picture

Like the people running 419 scams have state of the art equipment.

Coinbase and GDAX are simple webpages, and you can buy .0001 BTC at a time.

$6000 x .0001 = $.60

Bay of Pigs's picture

You guys are so intellectually dishonest about Zimbabwe and the living conditions these people now live under.

My bet is that 95% of all Zimbabweans have never even heard of BTC, let alone bought any. GTFO with this bullshit narrative. It's ridiculous.

nope-1004's picture

Ok, it's divisible.  That's not the question.  But carry your projection out one step further:  Are you saying that the Zimbabwe people buying bigcoin at $0.60 are responsible for a $25 billion market cap increase in 6 weeks?

Run the math.  It doesn't add up.

 

Bay of Pigs's picture

Of course it doesn't. Not that facts matter to these BTC pumpers.

tmosley's picture

You do realize that more than one factor is at play, right?

tmosley's picture

You've never played the market cap game. Get a company and start selling stakes in it privately. Sell someone one share out of a miilion for a hundred dollars and BAM, 100 million dollar market cap.

So yes, millions of dollars is enough to move this market. As I have said on multiple occassions, BTC is TINY. For now.

Kafir Goyim's picture

Care to explain how many fucking people in Zimbabwe have $6K USD laying around to buy BTC?

You are allowed to by fractions of bitcoin.  It's not necessary to buy 1BTC

daggerhashimoto's picture

hey dipshit! you don't need to buy a whole coin. You can buy 20 dollars worth 

blentus's picture

You are beyond retarded.

Bay of Pigs's picture

To all you down voters. Read the fucking article.

Average wealth of a citizen, $200 bucks. The whole country, $3b. Does that sound like this kind of pent up demand? FFS, this blog is infested with financial dimwits these days.

Golden Phoenix's picture

People in Zimbabwe, Venezuela, or wherever can and do go to various websites around the globe to perform menial tasks to earn bitcoin. Such tasks don't pay much but when their currency is in freefall and bitcoin is parabolic whatever they do is worth 10 times more a week later instead of less. And they can go to various websites around the globe to spend it. Employers or banks in most countries wouldn't let homeless guys in the front door. But they can sit at a public computer in the library until they've earned enough bitcoin to buy food that day. It's people who are deprived access to the financial system everyone else enjoys who benefit from bitcoin the most. Ok, your turn. Spout some more ignorant shit. 

Bay of Pigs's picture

So, it's public library computer mining for BTC in Zimbabwe? That's your explanation for demand there? LOL. Just wow...

Provide some proof of this. Otherwise, you're just a babbling fucking idiot spewing ridiculous propaganda and nonsense.

Golden Phoenix's picture

To 'Buy bitcoin' one doesn't have to buy a whole unit. One can buy as little a one millionth of one, known as a satoshi. That said the effective lower limit is whatever yields a reasonable surplus in excess of the current transaction fee. 

tmosley's picture

>tfw niggers and spics are smarter than you

Must feel pretty damn bad.

Dirty Bumn's picture

what an UGLY biggot you are

tmosley's picture

Hahaha, yeah, and Hitler did nothing wrong.

Dirty Bumn's picture

At least Hitler could afford a mortgage or paying rent, your stuck at moms house subsisting off of her generosity. She loves you but you can't live at her house forever. Take some of the cyrpto-profits you want us to think you have and move out, get married, start a family. Redeem your manhood and your character, learn a trade or a skill before its too late.

tmosley's picture

Look at the worm flail about.

City_Of_Champyinz's picture

Ahh, now the dumbfuck basement dweller shows his true colors, he is nothing but a one trick pony simpleton racist.  A true piece of dog shit, a clown, really just a bad joke at this point. 

Mustafa Kemal's picture

"Not an argument."

Niether is this of yours:

">tfw niggers and spics are smarter than you

Must feel pretty damn bad.

"