Electric car maker, Tesla co-founder Elon Musk recently sparked a debate on social media by suggesting that the US dollar could be on a path toward becoming as devalued as the Zimbabwean dollar once was.
In a post on X, formerly known as Twitter, Musk illustrated this point by comparing the value destruction of currencies, starting from the US dollar coin and culminating in the Zimbabwean fifty trillion dollar note.
He posted:
“Where are we with dollar value destruction, you might ask?” https://x.com/elonmusk/status/1815451522748010786
The tweet, found here, quickly went viral, drawing reactions from users around the globe, including many Zimbabweans.
Responses varied widely:
@africanacademia commented, “Zimbabwe just caught in the crossfire.”
@terrymap1 humorously added, “Maakutibatanidzira ka
” (You’re including us, huh?).
@joseph_kalimbwe pointed out, “There is even a 100 Trillion Dollar note, Elon. That 50 Trillion you posted is nothing. We’ve seen it all in Southern Africa. Things don’t shock us anymore!”
@CMukungunugwa corrected, “Sorry Mr. Elon Musk, but Zimbabwe now has a new currency, the Zig, backed by gold, which might be stronger than the US Dollar. Watch this space.”
@Her__Hotness pleaded, “Lool leave my country please.”
@advocatemahere directed a comment to a government official, “@nickmangwana Have you seen how the world views Zimbabwe’s currency? We need new leaders.”
@tinanyams expressed frustration, “We are the laughing stock of the world.”
The infamous 100 trillion dollar note, which remains one of the highest denominations of currency ever issued, was introduced in Zimbabwe in 2008 during a period of severe hyperinflation. This economic crisis saw prices skyrocket so rapidly that the government was forced to print money in ever-larger denominations to keep up. This note became a symbol of Zimbabwe’s economic turmoil, with inflation rates reaching astronomical levels.
At the height of the crisis, a new exchange rate was introduced: $1 USD was equivalent to 35,000,000,000,000,000 (35 quadrillion) Zimbabwean dollars. This staggering rate effectively made everyone in the country a billionaire, at least nominally, but it also underscored the devastating impact of hyperinflation.
Musk’s tweet has reignited discussions about currency value and economic stability, drawing attention to historical examples of extreme devaluation and raising questions about the future trajectory of the US dollar.
