Coup in Zimbabwe: Bitcoin Hits $13,500
Bitcoin reached heights of almost $13,500 in Zimbabwe today. This was the local market's reaction to the military seizing power from (ex) President Robert Mugabe. This price, cited on the local Golix exchange, resulted from a shortage of hard currency. According to Bloomberg News, the exchange processed more than $1 million worth in transactions in the last month, as opposed to $100,000 in the whole of 2016.
For me, this is evidence that the Bitcoin "bubble" will be hard to pop. This event implies that when a country goes in crisis, something, which normally causes an asset, or currency, to lose intrinsic value, does the opposite. Bitcoin is truly seen as a storage of value and as a hedge against the economy and therefor there is no catalyst for the Bitcoin price to crash.
Or is there? Could it be the securitization of bitcoin with futures that will cause over-speculation? I still think the price would stabilize not too far below the current one regardless. Where do you see the price stabilizing, assuming you don't believe Bitcoin will disappear completely?
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