Officially the Bitcoin started making a lot of noise in Zimbabwe around 2016 although it had been launched earlier. The launch price was extremely low but over time rose to significant amounts above US$20,000 before crashing.
Why did we not all focus on the opportunities presented by the capital gains in Bitcoin?
Lack of financial literacy: Yes we have a lot of financial studies at schools and colleges but financial literacy is not adequately addressed
Too many distractions: The MMM collapsed with US$6m disappearing—add the Zvihuta collapsing after so much promise—add the collapse of the Online Forex Trading craze where some unscrupulous trainers vanished with clients funds. Confidence in new initiatives plunged to rock bottom and anyone talking about Bitcoins found few takers.
A nation hit by rock bottom confidence as a result of imported initiatives was understandably risk averse although a few multi millionaires were created through Bitcoin investment.
We spoke at great lengths about ponzi schemes on the forum even going as far as predicting the exact date they were going to collapse. But our mandate is on opportunities and what are the new opportunities Zimbabweans are going to miss as a result of a confidence deflating ponzi schemes experience? But did the forum really fail on Bitoins? Do chek out our 2018 book-this was adequately covered albeit a bit late!
So good forumites, we do not want a repeat of the loss from Bitcoins—to our members, what opportunities are we likely to miss in 2020?
