Zimbabwe in top five Bitcoin markets

Zimbabwe has emerged as one of the top five African nations embracing Bitcoin and other digital currencies, according to a report by Equity Axis. This finding coincides with recent efforts by Zimbabwean authorities to engage with the cryptocurrency market, including the establishment of a committee to consult with industry stakeholders. The report highlighted that Zimbabwe's interest in cryptocurrencies reflects broader trends seen across Africa, with countries like South Africa, Nigeria, Kenya, and Ghana also showing significant adoption.

Equity Axis noted that while there is substantial interest in cryptocurrencies among Zimbabwe's youth, driven by platforms like MetaTrader, the landscape remains complex. The report indicated that while digital asset trading is active, only a small percentage of traders—approximately 5%—achieve consistent profitability, with many participants perceived as engaging in speculative or high-risk trading.

A significant challenge identified in the report is the disparity between official and black-market exchange rates in Zimbabwe. Cryptocurrency transactions often occur at rates significantly higher than the official ZiG/USD exchange rate, which averages around ZiG13.5 per dollar. This discrepancy creates friction within Zimbabwe's financial system, impacting the adoption and use of digital currencies as viable alternatives for transactions or value storage locally.