Bitcoin rose to $24'000 in Iran

[Paha87]

The combination of high foreign currency demand, expectation of economic sanctions and government approval of mining raised bitcoin to $24'000 in Iran.

The price of BTC in Iran rose sharply on Wednesday after the government of President Hassan Rouhani approved plans for the division of mining and inasmuch as the local currency depreciates rapidly.

Bitcoin reached $ 24,000 on the Iranian EXIR exchange as investors began buying up the digital currency in search of a safe haven due to the falling Riyal. EXIR writes that " the bullish bitcoin market has already started in Iran, when the price of the Rial fell against the us dollar."

The Rial is trading at a rate of about 138'000 per us dollar on the streets of Tehran, according to Reuters, which is about 230% higher than the official rate of about 42'000 rials per dollar.

Iran admitted mining
On Tuesday, Iran announced that within three weeks the country will officially begin to recognize cryptocurrency mining as an industry. The Central Bank of Iran should develop a political structure for the industry, Secretary of the Supreme Council of cyberspace of Iran Abolhasan Firuzabadi said.

Firuzabadi told IBENA (a specialized news Agency for banking and Economics, which is an affiliate of the Central Bank of Iran):

Due to the use of cryptocurrency, it is expected to smooth trade between Iran and the country's partners, especially after the resumption of us sanctions. But the final policy for accepting mining has not yet been announced.

Inflation of Fiat
The Iranian BTC price generally reflects the gap between the official exchange rate and what is happening on the street. With a bitcoin price of $ 24 ' 000 per coin in Iran, it is traded with a premium of about 240% of the world average price. Coinmarketcap.com indicates the average bitcoin price at the time of writing at $6'416.

According to THE exir tweet, in the last three weeks the price of bitcoin in the Islamic Republic has increased by about 40 percent, which is significantly higher than the world average. What is happening, most likely, reflects not the fear of losing profits (FOMO), but a sharp decline in the value of the local Fiat currency — the Rial.

Iran, the third largest oil producer in the world, hopes to use cryptocurrencies to offset the expected decline in petrodollars as a result of the introduction of us economic sanctions aimed at reducing sales of oil exported by the country.

Iran is not the first country to try to use cryptocurrencies to smooth out the consequences of US economic sanctions.

In February, Venezuela issued its own digital currency, called Petro, which is said to be backed by oil. But it looks like Petro is having problems. Recent media reports indicate that the currency has not found consumers, and the oil intended to support it simply does not exist. The US, in turn, reacted quickly, forbidding its citizens to invest in Petro.

Link to information resource - https://altstake.io/news/bitkoin-podnyalsya-do-24000-v-irane

[Dinid]

hello, I think this is confusing.
How can it be, up to $ 24,000 dollars in Iran,  while on the global market it's only $ 7,000 dollars?

And if this is true, why do investors not choose to buy from the outside (global market), there is a difference of 1: 3 scale of the price

[Paha87]

hello, I think this is confusing.
How can it be, up to $ 24,000 dollars in Iran,  while on the global market it's only $ 7,000 dollars?

And if this is true, why do investors not choose to buy from the outside (global market), there is a difference of 1: 3 scale of the price

Hello my friend, here's what they write-bitcoin Correction is not about Iran. Recently a major bitcoin has reached a record high of 24,000 dollars at a local crypto currency exchange EXIR. The country has a very favorable environment for bullran — the government supports digital assets, and ordinary citizens want to buy them. About it writes News.bitcoin.

[Cordillerabit]

How can it be up to $24,000 in iran? If this is true many bitcoin holders will go to iran and sell bitcoins . as far as i know btc has a standard price base on global market i think this is hoax news buddy what do you think.

[comer]

I labeled this as "trying hard news" to somehow push the market price. Only stupid people to buy such kind of price when you can get it at the exchange of the price of just 1/3. How could an investors gain from such transaction of such huge price? My verdict for this is fake news.