Best of the Week
Most Popular
1. Crude Oil and Water: How Climate Change is Threatening our Two Most Precious Commodities - Richard_Mills
2.The Potential $54 Trillion Cost Of The Fed's Planned Interest Rate Increases - Dan_Amerman
3.Best Cash ISA Savings for Rising UK Interest Rates and High Inflation - March 2018 - Nadeem_Walayat
4.Fed Interest Hikes, US Dollar, and Gold - Zeal_LLC
5.What Happens Next after February’s Stock Market Selloff - Troy_Bombardia
6.The 'Beast from the East' UK Extreme Snow Weather - Sheffield Day 2 - N_Walayat
7.Currencies Will Be ‘Flushed Down the Toilet’ Triggering a ‘Mad Rush into Gold’ - MoneyMetals
8.Significant Decline In Stocks On The Cards! -Enda_Glynn
9.Land Rover Discovery Sport Extreme Driving "Beast from the East" Snow Weather Test - N_Walayat
10.SILVER Large Specualtors Net Short Position 15 Year Anniversary - Clive_Maund
Last 7 days
Strong Earnings Growth is Bullish for Stocks - 17th Mar 18
The War on the Post Office - 17th Mar 18
GDX Gold Mining Stocks Fundamentals - 16th Mar 18
Nationalism, Not the Russians, got Trump Elected - 16th Mar 18
Has Bitcoin Bought It? - 16th Mar 18
Crude Oil Price – Who Wants the Triangle? - 16th Mar 18
PayPal Cease Trading Crypto Currency Bitcoin Warning Email Sophisticated Fake Scam? - 16th Mar 18
EUR/USD – Something Old, Something New and… Something Blue - 16th Mar 18
DasCoin: A 5-Minute Guide to How It Works - 15th Mar 18
Stock Market Downward Pressure Mounting - 15th Mar 18
The Stock Market Trend is Your Friend ’til the Very End - 15th Mar 18
6 Easy Ways to Get What Women Want, for Less! - 15th Mar 18
This Isn’t Your Grandfather’s (1960s) Inflation Scare - 15th Mar 18
Eye Opening Stock Market Index, Volatility, Charts and Predictions - 15th Mar 18
Gold Cup At Cheltenham – Gold Is For Winners, Not For Gamblers - 15th Mar 18
Upcoming Turnaround in Gold - 14th Mar 18
Will the Stock Market Make Another Correction this Year? - 14th Mar 18
4 Ways To Writing An Interesting Education Research Paper - 14th Mar 18
China Toward Sustainable Economic Growth - 14th Mar 18
Stock Market Direction Is No Longer Important - 14th Mar 18
Trade Tariffs Defeat Globalists and Return Prosperity - 14th Mar 18
Stock Market Crash is Underway and Cannot be Stopped! - 14th Mar 18
Are Energy Sector Stocks Bottoming? - 14th Mar 18
Nasdaq Stocks Soars to New Record High After Strong Job Reports - 14th Mar 18
Bitcoin BTCUSD Elliott Wave View Calling for Rally toward $15,000 - 13th Mar 18
Hungary’s Gold Repatriation Adds To Growing Protest Against US Dollar Hegemony - 13th Mar 18
Record Low Volatility in Precious Metals and What it Means - 13th Mar 18
Tips for Writing and Assembling the Classification Essay - 13th Mar 18
Gerald Celente "If Rates go up too High, the Economy goes Down, End of Story" - 13th Mar 18
Stock Market Selloff Showed Gold Can Reduce Portfolio Risk  - 13th Mar 18
Silver Does it Again! Severe Consequences - 12th Mar 18
Has the Stock Market Rally Run Out of Steam? - 12th Mar 18
S&P 500 at 2,800 Again, Stock Market Breakout or Fakeout? - 12th Mar 18
The No.1 Energy Stock To Buy Right Now - 12th Mar 18
What Happens Next When Stock Market Investor Sentiment is Neutral - 12th Mar 18
Economic Pressures To Driving Gold and Silver Prices Higher Long-Term - 12th Mar 18
Labour Sheffield City Councils Secret Plan to Fell 50% of Street Trees Exposed! - 12th Mar 18
Stock Market Uptrend Resuming? - 11th Mar 18
Bond Market Interest Rate Yields Are Rising Again… Stocks Are on Thin Ice - 11th Mar 18
Death of Europe's Greenest City, Police State Sheffield Labour Council to Fell 50% of Street Trees - 11th Mar 18
Do All Bull Stocks Markets Need to Have a Bearish Divergence? - 11th Mar 18
An Inflation Indicator to Watch, Part 3 - 11th Mar 18
Online Stock Trading Tips - Tips about Online Trading & Day Trading - 11th Mar 18
NDX makes a new high. What does that mean? - 10th Mar 18
Blue Chip Companies on Track for $800 billion Buyback Record in 2018 - 10th Mar 18
Cheap Gold Stocks Basing - 10th Mar 18
An Introduction to Online Forex Trading - 10th Mar 18

Market Oracle FREE Newsletter

Urgent Stock Market Message

Bitcoin Price Blasts Through $8,000… In Zimbabwe Tops $13,500 As Mugabe Regime Crumbles

Currencies / Bitcoin Nov 20, 2017 - 11:03 AM GMT

By: Jeff_Berwick


Bitcoin has just blasted to another new all-time high of $8,055!

But, that is the US dollar price.

Bitcoin often trades at higher prices in relation to other currencies, but none so much lately as the Zimbabwean “New Zim dollar.”

Here’s a little tip. If you have already run one of your fiat currencies into the ground, putting adjectives like “Strong”, as in Venezuela’s “Strong Bolivar” or “New” as in the Zimbabwe “New Zim dollar” in front of the name doesn’t make it automatically better.

In fact, if you have the same corrupt, criminal, communists running the country you will very quickly end up with wheelbarrow money again.

This is what is currently going on in Zimbabwe, where thousands of people have been protesting and uprising in the streets of Harare, after president Mugabe failed to announce his expected resignation today.

The Republic of Zimbabwe has been controlled by a dictating regime led by Robert Mugabe who regained control more than three years ago and has been causing extreme hardship as a result of his party’s reckless government spending which has sent public debt surging as a consequence of the country’s massive money printing.

To finance its deficits, the government of Zimbabwe created a currency called the “New Zim dollar.” This, despite being issued at par to the US dollar, trades at a significant discount to the US dollar.

The insane inflation rate of this new currency currently sit at 348% per year and is, in turn, constantly and rapidly expanding the nation’s money supply.

This new currency will eventually suffer the same fate as all fiat and the previous Zimbabwe dollar which was suspended indefinitely as of April 2009 after inflation levels in the nation soared over 5 billion percent.

But, because this isn’t the first time the nation has been sold down Victoria Falls, the oppressed citizens of this African nation have turned to bitcoin to help preserve their wealth and purchasing power.

Similar to the way Venezuelans have begun mining and investing in bitcoin because of president Maduro’s socialist regime who had hyperinflated the bolivar and forced many in the country to have to kill stray animals to survive because of a severe lack of food, the Zimbabwean military began seizing power this past Wednesday and has caused the price of bitcoin to skyrocket to the equivalent of $13,500 US!

That’s an almost 70% premium over exchange averages!

While the recent record highs in bitcoin have brought lots of newcomers into the cryptocurrency markets, many common investors are unaware of just how incredibly high the premiums for bitcoin can go especially in places where the local fiat currency has been largely debased like in Zimbabwe.

That is the beauty of the free-market at work. It has allowed people who previously couldn’t, to order food and supplies online by paying in bitcoin. Many have no choice but to use cryptocurrency since people cannot send money outside the country or pay for international transactions using formal banks.

After all, bitcoin was created as a peer-to-peer payment system that allows common people to circumvent the need for local and debased fiat currencies.

Bitcoin knows no borders, nor can it be stopped by a forceful government agency because it doesn’t exist in any one central location.

And one of it’s most valuable attributes is that it cannot be inflated because there are a finite number of bitcoins that will ever be created.

What is currently going on in Venezuela and Zimbabwe will happen in Europe, the US and throughout the West… it’s just a matter of time.

Could that be the reason that bitcoin continues to break all-time highs day after day? Are people realizing it may be one of the only ways to retain purchasing power during the coming collapse?

In the next issue of the TDV newsletter, coming out in the next few days, I’ll go over a complete analysis of the bitcoin market while Senior Analyst Ed Bugos shows why money supply growth, or lack thereof, may be hinting at a crisis coming soon.

With bitcoin at yet again another all-time high, we’ll continue to offer a discount to our newsletter HERE.

Along with access to the newsletter you get access to our private, subscriber’s only Facebook group which many subscribers consider to be as important as the newsletter itself.

There are very difficult times ahead… make sure you have a good support group around you to help you navigate the confusion so you can not only survive, but prosper, during the coming collapse.

Anarcho-Capitalist.  Libertarian.  Freedom fighter against mankind’s two biggest enemies, the State and the Central Banks.  Jeff Berwick is the founder of The Dollar Vigilante, CEO of TDV Media & Services and host of the popular video podcast, Anarchast.  Jeff is a prominent speaker at many of the world’s freedom, investment and gold conferences as well as regularly in the media.

© 2017 Copyright Jeff Berwick - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Jeff Berwick Archive

© 2005-2018 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules