Bitcoin Price Iran: According to data from Peer-to-Peer trading platform LocalBitcoins, traders in Iran are faced with a price of $30,498 per BTC, an equivalent of 1,016,632,237.59 IRR Iranian Rials.
Crisis nations using BTC as lifeboat
There are existing U.S sanctions against Iran which has placed restrictions on their financial freedom especially in terms of international trade. With the recent airstrike, the tension in the region has increased and Iranians may be in fear of a possible crash of the Rial which is already in bad shape. This fear may be what has driven BTC price up as Messari Founder Ryan Selkis says Iranians may be using it to escape the possible financial menace.
Bitcoin is trading at nearly $30,498 in the USD equivalent of Iranian Rials on LocalBitcoins today. It’s unlikely those purchases are paying for the Iranian military’s response. Instead, it might be innocent (and desperate) Iranians looking for a way out of the coming chaos.
This is already becoming a pattern as BTC demand in countries with similar situations has been on the rise, and this eventually leads to price rise as well. These countries which typically have weak economies with weak currencies such as are turning to Bitcoin as the way out of such conditions as uncertainty continues to loom.
In fact, Bitcoin P2P trading reached an all-time high on LocalBitcoins in Argentina and Venezuela at the end of December 2019. For instance in Venezuela, the week starting from 21 December saw $24 million worth of Bitcoin traded on the platform. This was an increase of 14.5% from the previous week and such increase has been sustained. Argentina also witnessed a rise from $300,000 to $500,000 around the same time.
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Bitcoin Price Iran