Bitcoin Forum

A rumor sprung to life earlier on Saturday claiming that Bitcoin was selling for $24,000 per unit in Iran. Apparently, the demand for the benchmark cryptocurrency was skyrocketing in the country in anticipation of a military standoff against the United States.

Turns out, while not totally unsubstantiated, the rumor was more of a half-truth arising due to some onlookers overestimating the significance of Iran’s official exchange rate.

In reality, the business remains as usual in Iran’s homegrown cryptocurrency space with peer-to-peer Bitcoin trading currently hovering around the $7,000s.

Full News here (https://beincrypto.com/no-bitcoin-is-not-selling-for-24000-in-iran/)
(Not click campaign, just sharing information)

Based on https://cointelegraph.com/news/bitcoin-selling-for-24-000-per-btc-in-iran-as-us-tensions-escalate

Also the main reason for why there are no such high tansactions from Iran is because they have restricted internet access across the country since November.

https://s3.cointelegraph.com/storage/uploads/view/7eae021262cd14800ecfc94a2f2744da.png

So as many were saying, no people... Bitcoin is not being exchanged with such high volumes and price in Iran but rather from other countries due to such recent events.

I was thinking about how to register in the crypto exchange in Iran then my money will be converted into a balance in Paypal.

If that would be the case, I would be the first one to register on their exchange. But kidding aside, I don't think people will do such thing especially when it is open to public. I guess some will attempt to do it but it will be through dark web since the news will spread like wild fire to Crypto enthusiasts if that happens. Let us not be trapped by these fake news from people who just want to hype Bitcoin. We better confirm first the news then we can now decide on our next move.

You can check localbitcoins to see if anyone selling bitcoin to Paypal in Iran. Also you can get the idea of currently bitcoin prices in IRAN through this screenshot.

1 US Dollar = 42105 IRR

https://i.imgur.com/cs0nI67.png

Seem real to me. Its about $24000 base on this data. I wouldn't try going there to sell my coins on Iran localbitcoin though, its very risky since we don't have privacy with LBC. I think cointelegraph had also tried looking for a real information before posting the article.

It doesn't affect the price on exchanges though but would it be possible to sell BTC by meet up in Iran?

so the news that was horrendous was not true, is it just a rumor to increase the price of bitcoin, I guess the news really happened, which I wonder why it doesn't affect the price of bitcoin in general, there are currently many untrue news that support or hate bitcoin, we must be more careful in filtering news.

Meetup in Iran to sell the bitcoins ? No way. No one will risk their lives to go to Iran for this purpose when Iran is at the edge of the war and the drones attacks are already being fired there.
Life is more important than the price of the bitcoins.

The data is pure bullshit and FUD. Google exchange rates, just the simplest one that google search provides. You'll see that 1 Bitcoin is worth 250000000 IRR and this equals 7500 USD. This is a small premium because BTC at the time of writing was 7450 USD, but in an acceptable range. I suppose the demand in Iran could be higher than in the EU for instance, so even 100 USD premium is completely fine.

This is just one face of what's happening in Iran. P2P is the way to go, but not on a facilitated space just like what LocalBitcoins is offering that's for sure and that's why I don't believe much of the volume nor the pricing being posted in LBC-Iran. Anyone can post how much would they want their bitcoin to be sold but that doesn't mean that someone will be willing to pay for that price point knowing that there are other places offering far more better deals than LBC.


Perhaps you haven't tried to trade with LBC yet? Anyone can post a sell bid on there with obnoxious amounts way beyond the current trading value of bitcoin but it will still get applied, but that doesn't mean that someone will be buying those awful prices even if they're in the midst of a global crisis.


We don't know unless we actually hear from someone residing in Iran currently. All of these information surfacing from the country are, IMO, opinions and mere aggregates as Iran had been fairly disconnected from the Internet since November last year, but are now being reconnected slowly but surely so there's that. Perhaps their P2P trades are really meetups after all, but if you're from outside Iran, why would you even think of doing that in the first place?

What can you expect from Cointelegraph actually being straight with the news? I think not, these news media websites feed on fear and noise to boost their traffic so I wouldn't be relying on them nor recommending them to anyone as a first source of my crypto news. At this poiny where we all are seeing are just threats from both sides I don't see a direct effect on both their commodities and fiat prices since threata doesn't directly affect the demand. But if things gets pretty serious that's when we see citizens and companies look for safe havens in the market.

What you mean?  ;D , check some post ahead of your post to verify the above data if actually Bitcoin was sold at $24,000. Having post for the sake of SATs shouldn't be allow as your case is an example. When you start argument ensure to bring enough evidence for your back up than to just say it with a backup data.

i don't think this will happen but in case if, it does. it's possible to establish trade with some of the local trader's in iran who will be hurting for btc around the web!

everything is possible.

Thanks
Soldierwitlittlefaith

Someone from Iran should be able to clarify this completely, but it seems to be true that there is one official Exchange Price, and a free market price (for regular people):
That being so would make the OP’s source article true, and BTC equivalente to 7,3K$ aprox. for internal citizens.

See the comments (ignore the data on the top of the page, which seems to mix both exchange rates here:
https://www.numbeo.com/cost-of-living/in/Tehran
-> I tried to find a place with local comments to get some inner insights here.

If this data is correct then we have bitcoin selling at 24k$ in IRAN. This is not the first time going through this situation they have faced such scenarios before.
I dont think bitcoin can rescue them in case of war. Bitcoin itself is too volatile and cannot sustain any value. How can bitcoin help Iran's.

It might have been an attempt to get the price to go up, but it had no ground to do anything with how poor the sentiment is currently. During bear markets good news has no effect on the price at all, the price just follows the trend regardless of how much Bitcoin costs in Iran according to news outlets.

The problem here is partly caused by news outlets just reporting this garbage while they know it's not true, but the main part is how stupid their readers are. If they can pull off such articles without any consequences (consequences being that readers stop visiting their site), their readers must be retarded. On top of that, their readers even spread this fake news with their own social media accounts. :-X

No matter how much of a Bitcoin bull you are, fake news shouldn't be tolerated.

I doubt that.  I saw a news report about this in another thread, and it looked like just bad journalism to me.  Not surprising, since I'm not sure where these crypto news sites get their writers to begin with.  Some of them seem to be even worse than what you'd find on zerohedge.

I figured this wasn't really happening in Iran.  I didn't think anyone would actually pay that much over spot for bitcoin, since it's not like anybody would need it that badly, even in a time of crisis--and there isn't exactly a crisis yet.  I could see the price of gasoline or food or other essentials going up, but not bitcoin.  Plus I would think there would be other ways to buy bitcoin instead of paying the outrageous rates that got reported.  So fake news it is, I guess.

Cointelegraph actually posted the article on their website and I have quoted the link in one of submission late last week and that has attention of many of which some were believing that I happen to be the author of article or the owner of the website. Good to know that am not the only one who come across the information on the cointelegraph.

Tbh these attacks being or orchestrated are being carried out as intended, likely with precision accuracy.
If you had the balls to do it you could probably sell bitcoin for cash somewhere safe like a restaurant in the city centre or a hotel & do it safely.

I don't understand why people choose to share false information about bitcoin rather than things that might encourage mass adoption of bitcoin.  There are so many FUDs in the bitcoin ecosystem and this is not helping the bitcoin ecosystem grow as expected.  People are just taking advantage of the incidence which just happened in Iran to spread unnecessary FUDs.

No, the news is true, not a rumor. We can find that price on the local Exchange, in LocalBitcoin.
In this Exchange we can only sell Bitcoin among fellow individuals, this is a decentralized Exchange.

Just like the news about Zimbabwe last time where the price was also at premium but the exchanges remained neutral for the price. Are you thinking of going there just to sell bitcoin? I won't be risking my life at the middle of the possible war to start by just selling at a higher rate.
I'll be okay to wait until the price goes up naturally rather than going there because of that advantage to arbitrage. The LBC prices looks really what the rumor is saying but it's still confusing.

Definitely not worth the risk if ever that will happen to be that way there, definitely no. Unless there will be some transaction from them which may not also be a solution as it may lead to dangerous transaction and a transaction to be scammed who will took this chance to offer high. Lets just hope the war will end for it will affect many, not just the price of BTC but also the life of those innocent.

Atleast it could temporarily save your wealth and the fact that you can buy something from the international ecommerce out of it. It's not like people are going to keep their money in btc forever anyway and by holding bitcoin you have the chance to exchange it to any other money like Euro or such. It'll not be really helpful for them but atleast it helps a little.

You mean someone living there while having a transaction and at the same time being offshore? There's already the LBC Iran but it's all up to you how you're okay with the deal there because LBC isn't the same as before anymore. The op states that internet was prohibited since November 2019 but the Iranian trades on LBC has it, just like any other state that has people that are willing to take risk as long as they can sustain themselves and provide financial needs.

The value of their money is too low and that’s why the price of bitcoin goes up but I also heard that this is just a fake news though it happen before on some places. I also don’t want to travel there just to convert my bitcoin into money, its pretty risky and if you have the money on that local exchange, you might not be able to convert it into fiat money. I don’t know, but i have to focus on the real value of bitcoin right now which can’t be fake.

The problem of having two exchange rates in a country is that, the one that dominates the most is that of the black market, the one given by the Central Bank, is not taken into account, it is only to make some fictional transactions to make people believe the governments that comply with it, but this brings shortages, inflation and multiple economic problems, just like in Venezuela.

These scenarios are not good, but although it sounds somewhat retrograde, what always dominates is the change of the black market, of course $ 24k is a very exaggerated figure, but I am sure that the speculation will be very high compared to the other countries .

I've read a news about $24,000 per Bitcoin is base on 1 billion Iranian rials which they calculated wrong because $24,000 is base on an exchange set by the central bank of Iran which is not the official price that the market is using, those who claimed $24,000 are people who used the wrong rates. The news also said that the real price would be just more or less $8,000 at that time base on the real market price in Iran. Due to their economy being messed up, the price of Bitcoin has pumped because most of them want to secure their wealth in Iran.

It might just be another propaganda to spread FOMO on investors not actually living in Iran. Though an increase in market price could be possible, especially in P2P exchanges, and analyzing the situation in Iran where people could demand Bitcoin but being internet censored makes it more rare and thus more valuable in money. But its true that validation lead to conclusion that there's no significant price increase.

I think it also makes more sense if the price of bitcoin is $ 8000, maybe it's true what I previously thought there was a mistake in their calculations to make a scene of $ 24,000, but not just because of this news so that the price of bitcoin and other crypto rises to this day, I don't think it's an effect From the problems in Iran, it is indeed time for Bitcoin prices to really recover

FOMO and FUD are always there and cannot be stopped, so just think of it as additional entertainment and not take seriously about what they are preaching extensively on this forum

This is only news that has headlines with click bait to get a lot of traffic. in local bitcoin anyone can get buy / sell but it is not certain who placed the buy / sell to accept the transaction. anyways this can't be true because prices in general are still above $ 7k, I think the newsmaker wants to scare and screw FUD on WWIII.

It wouldn't be a fake news if it's happening in some places there. It's just a matter of choice and we don't have to choose even.
I don't also want to go there and sell the bitcoin's I've got, I'm not familiar with the country and the tension there is very hot so it's not advisable just for that.

It is probably happening but the conversion rate is a bit different since there is this open market stated by one of the reply here where usd  conversion is way higher than the official rate.  And if we calculate it, it will be around $7k (using free market rate).  I think this news was published to hype Bitcoin but it seems it does not work somehow.

You can check the price of Bitcoin sold in Iran at localbitcoin website, and it certainly is not fake news. But I still don't understand why the price of bitcoin in Iran is so high compared to the global market. And why do investors in Iran choose to buy at localbitcoin instead of going to big exchanges like Binance and Okex .. to buy bitcoin at a cheaper price?

Surveillance in countries like Iran is always at its peak. Iranian regime suppresses its inhabitants by using different tactics of which internet censorship recently is new tact.
Regions where you can’t find bitcoin easily because of different reason price is bound to go up. Iran is not a very big market and even if bitcoin is sold there at $24000, it will have zero impact on bitcoin globally.

Because some bitcoin seller take advantage this and also local bitcoin is just P2P and you can set sell order here even 50,000$ maybe some newbies buy this and they don't know thatbthe true bitcoin price is only 7,500 dollars+

Going to Iran for now is risking lives. No one wants to risk their lives for the high price of bitcoin. Regarding the false news, in my opinion only to increase the price of bitcoin on the crypto market.

As I've said with my previous post, this also happened before. Having a premium price depends also to the status of that country and what's surrounding with their local. And with the case of Iran, the localbitcoins price does really state with the rumored price.
But until now, I haven't seen someone that sold with that premium price it might because everybody doesn't want to put themselves at risk, dealing with somebody personally there or even not a face off deal.

If we are to think about it, this is a total manifestation of fear, uncertainty and doubt for people in Iran, but to compare the scenario to us which is mostly outside of the tension's vicinity, our goal is to wait for the market to increase because of the Iranians that will convert but what is happening really is that, we are the one pushing the market price way up higher because of the news we tend to believe in. I do not disagree about it but that is the conclusion from the observation I came up into.

It is actually,making reader thinks that it can be sold at $24k in Iran, while its price is around $8k today ($7k+ last week), those who don't think twice and investigate will surely fall for this trap and buy Bitcoin as soon as possible thus creating a demand to the market and if they are lucky create FOMO.  I wonder why does news always mess up things and tends to exaggerate situation.  That is not good.

The political situation in the world at the moment is not the best. However, in times of crisis, ordinary people and investors will go into assets such as Bitcoin to preserve their savings. Also during the crisis, many people buy gold and silver.

America killed their chief general of Iran and now there were looking to bash their economic conditions using their power. I believe this Americans are most power abusers in this world.
If people started rejecting American resources soon they will stop such actions and at the same there is no truth behind this rumour and I am not seeing the bitcoins at this for Iran and checked as well.

This news is true, that Bitcoin is high in Iran. Because of several factors that affect it, such as the political situation. Many people there convert their money into Bitcoin, because they are afraid of the volatility of Iran.

Aren't they afraid of their lifes ? Even if they manage to safe their money in bitcoins, and if they die because of war, all these bitcoin will be considered as lost make the total supply of bitcoin even more less.

Of course it doesn't sell for that much. you guys just check the exchange rate and you will see the actual premium

Bitcoin are not sold in $ 24,000 in Iran,
I think seller put bitcoin in high price because they want to take advantage the panic of people now because of the war. And also local bitcoin is P2P so you can put sale order any price you want.

No matter how you do it safely, it is still dangerous because the military in Iran are spreading in any of there locations. Most of their places are secured. So probably, you will not be able to do the transactions anywhere. But if you will do it in a certain house, that's is your privacy but still it is not safe to travel outside the house. Most especially, there's a conflict between US and Iran because of the General that was killed. Maybe they are focused more on war and killing, so do not risk your life for the sake of money.

Lol. People can easily take advantage of that in the event that it's true. Where will you buy it, in an exchange? One doesn't need to be in iran to do that. And even if a person does sell btc at that price in iran, only a fool would take it. Exchanges are easily accessed so why would you spend that much for something that should be a lot cheaper. P2p transactions usually are valued lower than exchange rates.

yeah  . btc is accesible anywhere excep iran and on other country that has a limited acces to the internet due to war and other calamities   .

that would be the reason why btc is being sold expensive  but the op said that it was only a rumor and its not true at all  . so lets just take it easy and dont judge them imediateltly    .  btc at 24k usd will soon happen not because of war but because of the demand only   . so lets be patient enough once again   .

Of course they do, who wouldn't be afraid if you are in the same area where war is being held. But in this case, they focus on storing their money in safety, considering the things that might happen next in their country. About the  situation if they die, I think, they don't think of it that much, they just think about their assets.

This must be the best idea to consider if you know someone living in Iran to somehow help you convert your money, but merely impossible because Iranians would probably think of their safety first, rather that getting rich by involving in cryptocurrency investment and hype. Though, I do really think that most of the time, the people buying allot aren't really from Iran, but those that are turning their worries into opportunities by buying bitcoin knowing others will do the same thing.

Yes they are afraid of their lives as well as their money too, After the direct attack a full scale War is inevitable between the U.S. and Iran.
that's why investors and immigrants are searching asset that is free from geopolitical risks and accessible from anywhere of the world.
It would be wrong to say cryptocurrency actually it is only Bitcoin what is acting like a decentralized safe place for gathering money for a long time.
If I had been in their place I would have done the same thing

They are not afraid of the volatility of Iran they were afraid of what is happening currently there. Good thing that Trump withdrew from the war and didn't retaliate which on another occasion will make worse scenario if he retaliate on Irans attack. They are trying to preserve their wealth and they saw bitcoin as the best opportunity in bitcoin.

It is the best idea but very idiotic at the same time. Even if you know someone from Iran, it is impossible to have them help you to convert your btc. As OP stated, they have restricted the internet access in their country. Meaning to say, even how deep you try to become rich, it will be impossible.

Yeaah it was a fake news and I've read already yesterday. Maybe if there is someone who life in Iran here can make an explaination/clarification that this thing is happen or not. Indeed, the price of bitcoin will be different in some exchange and this has been using by some investors to get profit with arbitration strategy.

Moreover, I had read in some news that the government of Iran have no good relation with the user of cryptocurrency especially bitcoin. A few years ago bitcoin is something harmful to be use in that country and I'm sure there will be few people who use and even know bitcoin.

Why would anyone be afraid of death ? Everyone has to die one day and their is no better death, than to die as a soldier fighting for your country freedom.

Bitcoin prices will always rise if there is any non-peace situation in the world and that is natural.

since I first heard this news, I didn't believe it. there's no way bitcoin suddenly jumped so high and that only happens in Iran. although Iran is in conflict with the United States it will not immediately make the price of bitcoin rise. people just like to exaggerate the news. therefore we must not be easily influenced by the news we must confirm the fact or not the news.

I suspected the news was false when I read it, this must be a planned public stunt to create Fomo among the Iranian Investors probably increasing the demand of bitcoin in that region so as to spike the price high as they're reporting in the news articles.

When media platforms report news of this kind (false news) without carrying out thorough investigation of the the news, it makes me question the credibility of the news media. We rely on this platforms to deliver accurate news about the industry yet they act like bloggers that just copy and paste news without verifying the source of the news, it's just shameful journalism.

It's great that even if Iran is facing to almost war against US, the exchange of bitcoin didn't skyrocket to 24k dollars. Normal exchange of currencies in Iran is a good signal that the exchange is not abusing it's power and they are not using the situation as an excuse to make that crazy conversion rate.

Those countries or exchange that is/are giving this crazy conversion rate of 24k dollars per bitcoin is not a good influence in crypto society and if possible they should be stop in order to protect the future of digital payment.

Some says it is true, and some were not.
For now, we can only make speculations as there is no one who can state that this news is true or not since Iran government have restricted the internet in their country.

I got acquainted with many sources and they are extremely controversial about whether the demand for bitcoin in Iran rose when the tension between the US and Iran increased. It would be nice if Iranians spoke on this subject. Now, tension has dropped, and Bitcoin has been growing in price again for two days, and today, according to CoinMarketCap, its price is $ 8,129, and ethereum has risen to $ 143.

Upon checking the data again from localbitcoins, i find that the in ads from Iran, the location is written as turkey ? So it basically turkey buying/selling the bitcoins at 24000$ and not the Iranians on localbitcoins ?

https://i.imgur.com/0wP4XxX.png

I think I can give you much more useful info.
A few weeks ago someone from government said we are going to implant a new bard crypto unit worth much more than BTC.
and people can start investing on it
Unfortunately many people started to invest there while still there is actually no new coin. they just say they are doing it...
no the answer is a big NO. BTC never sold at this price there

So this means that people are mistakingly referring to this coin that is not even made yet for bitcoin. Makes sense. i mean, it's kind of farfetched for bitcoin to have different values at each country since it is decentralised yet still a currency. What I paid for 1 BTC should be what you pay for in equivalence to your currency, if my memory serves me correct.

Neighbouring countries are taking advantage of the situation. However, since it seems there will be no war happening, which is actually great, those who are selling at that rate are now sad as their very profitable business can't continue. Indeed, there are individuals that will take advantage of you no matter what the situation is, as long as they can see their window of opportunity. And they will just said, it is just business!

Turkey is neighbour of Iran, due to a lot of restriction imposed by US, purchase using dollar are banned. Therefore the best place will be turkey for dollar transactions.

I don't see why people fall for this trick. If they have known how bitcoin works fundamentally then it should be easy for them to tell that this is another trick by the scammers to take advantage of mere investors here. If I'm not mistaken bitcoin is decentralised yet secure as to ensure an equal and uniform value wherever you go. Which means that whatever I paid for 1 Btc here in my end should be what you would pay for equivalently on yours.

In the event of war, precious metals become even more popular. In this case, it can be expected to increase in bitcoin. But there is a problem. Too many fake news. This fake news may lead to price speculation. You need to be careful.

Exactly.
Knowledge is power and if you have the knowledge to weakness of people you have the power and you can easily sell the coins like that.
That's the key (a dark key) to getting rich

True or not the fact that Local bitcoin Traders are only just getting ready make profits is still there, either cases, whatever happens war or not they are trying sell their Bitcoin and ready to take off if they make it alive somehow when the war breaks. It is justifiable anyone would do that, even me myself would sell my Bitcoin higher than what Iranians btc holders did. It just makes sense, they can't use the money if their country will be destroyed and that is why they are making an alternative get out vehicle and used Bitcoin, fast and secure.

It is expected that Bitcoin's value will increase in times of war. However, it is necessary to pay attention to fake news. You can make a fake bitcoin investment. We need to know which network and level of security Bitcoin is on.

No bitcoin will not increase like that when war comes,  because many investors will rather save thier life than saving bitcoin. I think price of bitcoin in Iran are manipulated only by those sellers in local bitcoin.
Oil and Gold will rise because Iran is the biggest supppier of oil,  and once the war begins supply of iol will affected and this may lead to increase price of iol

It's not fake news. Any decent news site is able to massage actual data and information into the truths they prefer. Kind of one of the early things you learn as a reporter -- to report on facts as you hear and see them. And then as a journalist, you derive and analyse and give your bosses, and in this case, the people, the headlines they want.

Go on localbitcoins and see for yourself, in countries with hyperinflation, asking price is always above what official central bank rates are for US dollars. That's because you can't get dollars anywhere but on the black market where "real" local fiat value is established (as opposed to official forex). Corrupt goverment officials benefit from this all the time, borrow in dollars, pay back in local currencies.

Heck I can open a trade asking for $50k, LBC would let me.

This war would not actually destroy the country for sure. The worst case which can happen would be their economical condition might drastically drop and it might bring financial crisis among most of the higher associations or National Government Organisations(NGO's) and it would not even make the country stand on their own feet financially. They would need neighboring country supports to start settling their financial situations by performing some international trades with countries who are willing to support them. In this case, peoples might surely convert their money into bitcoins if they do not want their financial situation to be ruined only because their country is expecting so.

The news was true as people were panicking after the war rumors so feel bad as they must have lost a lot if they did trade their cash for bitcoins. Now the situation is under control compared to one week back but this happens when people can't access the internet and there is a panic situation where bitcoins can be misused. I hope the news of war has died down now.

That type of rumor kills the authenticity of the news regarding Bitcoin and cryptocurrency, a group of people is doing such type crime and those people always try to make money by creating a trap, this should be stoped for the shake of cryptocurrency's potentiality, Already a lot of people have lost their money by joining in some scam project so the credibility is facing a huge crisis, most important thing is that we have been more aware of every rumor, don't take any decision regarding cryptocurrency without justifying it properly.

How would peoples even access their wallets or the exchanges if Internet is being restricted into the whole nation? This should actually have brought a dump but it is completely on the opposite site and we can see a price pump in the situation of a military standoff between the US and the Iran.

I was not aware that the government has restricted the Internet connectivity in the entire country of Iran. This usually creates a chaos as the peoples do not even stay updated. They have to watch news of read newspapers in order to keep themselves updated to the current affairs going on. Usually the government might have restricted the usage of internet so that none of the national information are been leaked with the conflicting nation.

Before the price of the bitcoin goes up from 7200 dollars, it increased rapidly into 8400 dollars, and many people grab this opportunity to sell their coins but if we are thinking about how this happens and while there is conflict within the two largest countries there was a news created that people tell that Iran release a massive amount of 24,000 dollars to buy some items for the war. However, base on the articles and news I read still there is a conflict, so I think this is fake news because we know that both countries have a misunderstanding and now it's already done.