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During the COVID-19 pandemic, many young people from African countries returned to their home countries. Ovidy, as a Bitcoin enthusiast, not only brought back the concept of economic freedom to Zimbabwe, but also used BTC to conduct two businesses, importing car trading and international payments.

INTERVIEW

In Zimbabwe, where financial concepts are lagging, the investment attributes of Bitcoin are somewhat weak. More importantly, Bitcoin plays a role in economic empowerment.

Ovidy has lived in the United States for decades, and he learned about Bitcoin during his undergraduate years. After returning to Zimbabwe, he established a Bitcoin-centered business. The image below shows Ovidy (middle) with Bitcoin traveler Pako (left):

Ovidy encountered Bitcoin during the bull market in 2017, when the price of Bitcoin was around $10,000. However, he did not make any investments because, as he said, "I knew nothing about it." After gradually understanding BTC, he began using Bitcoin to import cars into Zimbabwe and to make point-to-point remittances to family members in Kenya and overseas. He really enjoys importing BMW cars and believes that BTC has filled him with hope for the future.

"I thought that one day you could invest $500 in Bitcoin; the next day you would have $1,000, and it would continue to rise."

During his time in the U.S., he gained some experience. But it took him several years to learn to use cryptocurrency for payments, such as using BitPay to buy clothes on Amazon.

It wasn't until the start of the COVID-19 pandemic in 2020 that Ovidy was forced to return to Zimbabwe from the United States. Unfortunately:

"When I returned to Zimbabwe, I couldn't find any work, so I started trading foreign exchange."

The forex account required him to deposit some Bitcoin. Ovidy remembered that he had some Bitcoin stored in an old Coinbase account, purchased for $500 in 2017 and 2018, which was now worth over $2,000.

Ovidy immediately realized that he could use Bitcoin for payments and investments. He could start an innovative business. More importantly, he could be his own boss. So, he set up an electronic wallet transfer center.

Flyer for Ovidy's remittance business. Image source: Facebook

He then used his network to serve the Japanese car import trade, purchasing BMW or Toyota. His Zimbabwean clients paid him in dollars, and he sent Bitcoin to the Japanese car dealers. A few weeks later, the cars were shipped to Zimbabwe.

Why did he do this? He explained:

"I couldn't send dollars to Japan, because the only way is through a bank, which would take a long time and involve a lot of risk. If I use BTC, when I need to trade, I can immediately send Bitcoin to Japan, and the transaction is confirmed by both parties. Bitcoin is a faster, safer process."

If done through a bank, this process would take over two weeks and involve high commissions.

Ovidy charges a small commission in sales and balances what he earns in dollars by using Bitcoin for reverse remittances. Due to the scarcity of dollars in Zimbabwe, Ovidy buys Bitcoin from "local Zimbabweans or Kenyan expatriates" with the dollars he earns from car sales.

The last two cars Ovidy imported were paid for with Bitcoin. Source: Ovidy

Ovidy said, "Although Bitcoin adoption in Zimbabwe is growing, it is not without its challenges. Many people 'do not trust Bitcoin,' and there are obvious differences:

"At first, people did not appreciate Bitcoin because most investors encountered scams. Even I was scammed $500 while learning to use Bitcoin!"

He mentioned that the trickiest part of Bitcoin adoption is "it's intangible for the older generation." His friend William Chui built a "Bitcoin home, where people in the community trade using Bitcoin," to prove to people that with Bitcoin, you have the potential to achieve financial freedom.

Bitcoin home, built by Ovidy's friend William Chui. Source: Ovidy

Although education remains a major obstacle to cryptocurrency popularization in Zimbabwe, and the country is experiencing hyperinflation, he remains hopeful. He said, "We start small, and after 10 to 15 years, the young people who appreciate Bitcoin will make Zimbabwe a country that adopts Bitcoin."

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