The Impact of Cryptocurrencies in Zimbabwe. An Analysis of Bitcoins

Abstract

The study sought to analyze the impact of cryptocurrencies in Zimbabwe: an analysis of bitcoins. The study specific objective was to gain an understanding of bitcoins used by banks in Zimbabwe; to find out if Bitcoins can solve liquidity crunch in Zimbabwe, to ascertain factors that influence the adoption of bitcoins by banks in Zimbabwe. The study adopted a conceptual framework to show a diagrammatic relationship between independent variables and dependent variable. To strengthen the conceptual framework, the researcher used theories such as mises regression theory. The study used primary data which was collected through use of questionnaires with respondents were from selected sample of banks in Zimbabwe such as CBZ, Stewart bank and Cabs. The sample size was fifty. A modified Likert scale questionnaire was developed divided into five parts. A pilot study was carried out to refine the instrument. Data analysis was performed on a computer using Statistical Package for Social Science (SPSS Version 21) for Windows. Analysis was done using frequency counts, percentages, means and standard deviation, regression, correlation and the information generated was presented in form of graphs, charts and tables. The study concluded there are many meanings attached to cryptocurrency, it is beneficial to adopt cryptocurrency and there are many challenges faced in adopting cryptocurrency. The study recommended that banks in Zimbabwe need to adopt cryptocurrency and banks should enhance cryptocurrency.