Bitcoin Hits $24,000 In Iran

[Maestro75]

Bitcoin hits $24,000 in Iran after the Iranian Government okays mining. This will be great news for the citizens as a way of keeping the economy alive and avoiding the sanction from the USA. It is also boost bitcoin confidence. Link here
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/

[butka]

I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.

[NeuroticFish]

I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.

This would be either temporary, either some smart Iranians will do that arbitrage until the price evens - more or less.
Interesting is the timing. Unless this is old news, it's surprising that Bitcoin spikes in Iran while it falls badly in the rest of the world (although this should be temporary too, I hope).


Edit: I've read the story and the comments and it looks like the 24k price is incorrect. Any proper news agency would apologize and correct that kind of article...

[trimulia]

isn't that old news? I see the price range is so far from 6,000 to 20,000 dollars, it's weird if only there bitcoin is sold as expensive as that

[damberg]

Bitcoin hits $24,000 in Iran after the Iranian Government okays mining. This will be great news for the citizens as a way of keeping the economy alive and avoiding the sanction from the USA. It is also boost bitcoin confidence. Link here
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/

It looks like somebody at the press agency messed up with comma (and maybe currency conversion).    According to the sources in comments there is rather one bitcoin for approximately $2,400 after conversion. However, it also makes an opportunity for arbitrage.

[batangsumbrero00]

I hope that with this kind of conversion it could help the Iran communities to rebuild their fallen city as well as their hopes in making peace to other countries.

[Crypto Girl]

Reading the article, I felt I was outdated in the news like I didn't know that the value of bitcoin can differ to other countries, how can it be possibly? It's totally absurd to think.

I found this link in the comments on article, though I'm not sure of its authenticity, the link is all about their local bitcoin exchange and the numbers are really overwhelming.

https://localbitcoins.com/country/IR

Even my neurons can't absorb this news.

[Juggy777]

Bitcoin hits $24,000 in Iran after the Iranian Government okays mining. This will be great news for the citizens as a way of keeping the economy alive and avoiding the sanction from the USA. It is also boost bitcoin confidence. Link here
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/

I had to use google to verify this news, and it seems that many local media publications have published this story. This situation has been caused due to the actions taken by USA, it's a logical decision Iran's currency is weakening against USD, bitcoins shall boost their economy.

 It's also stated that the spike happened on few exchanges, which makes me feel it's a ploy by the exchanges to sell bitcoins at higher price.

This unusual price hike reminds of the time when Bitcoins were being sold in India for a premium, I don't think the price hike will last long though.

Link: https://ambcrypto.com/bitcoin-btc-hits-24000-in-iran-after-government-recognizes-cryptocurrency-mining-as-an-industry/

[nl247]

I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.

Edit: I've read the story and the comments and it looks like the 24k price is incorrect. Any proper news agency would apologize and correct that kind of article...

It is not incorrect. Presently, as at when typing, it is around 21,179.34 USD. Visiting localbitcoins and some of their local exchanges online;
https://localbitcoins.com/country/IR it is currently trading at least at around 891,756,020 iranian rial which if you convert to USD, is about that amount.

At least for those who are ready to buy, they are willing to go for as much as    836,382,814.45 IRR. Unless there is a way wire transfer is working in Iran, I am not sure there is a way one will be able to take advantage of this in the arbitrage perspective. Although, I got a glimpse of this article online while trying to search for the current foreign exchange policies in Iran online

Iran has announced a relaxation of foreign exchange rules intended to counter US sanctions targeting cars, gold and metals, which come into force on Monday.

The Central Bank of Iran announced measures on Sunday to allocate subsidised hard currency, including US dollars and euros, for trading in basic commodities and pharmaceuticals, and to allow unlimited inflows of such currencies, as well as gold, without taxation.

The bank will also reopen the currency markets after a crackdown lasting months which prohibited exchange offices from buying or selling hard currencies. This will allow importers of non-essential goods to gain access to the hard currency brought into the country by exporters with exchange rates determined in the open market.

“We are in conditions similar to an economic war . . . [but] I want to say that on the day that you [the US] are imposing sanctions on us, we are opening up our markets,” Abdolnaser Hemmati, central bank governor, said on state television. “I tell the people that our economic situation is very good and our foreign exchange balance is good.”

Probably, since they are opened to the world, there should be a way to do transactions with those who may be willing to buy.

[stompix]

I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.

Edit: I've read the story and the comments and it looks like the 24k price is incorrect. Any proper news agency would apologize and correct that kind of article...

It is not incorrect. Presently, as at when typing, it is around 21,179.34 USD. Visiting localbitcoins and some of their local exchanges online;
https://localbitcoins.com/country/IR it is currently trading at least at around 891,756,020 iranian rial which if you convert to USD, is about that amount.

The problem is that you use official rates for the usd to rial.

https://www.reuters.com/article/us-iran-economy-rial/iran-rial-hits-record-low-around-150000-against-dollar-fx-websites-idUSKCN1LL0RG

The dollar was being offered at 140,000 rials, compared to the record low of 150,000 rials earlier on Wednesday, according to the website Bonbast.com, which tracks the unofficial market. The website bazar360.com quoted 139,000. Mesghal.online gave an exchange rate of 141,940.

At 150 000 :1 900 millions rials means exactly 6000$.

[sotoshihero]

I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.

This would be either temporary, either some smart Iranians will do that arbitrage until the price evens - more or less.
Interesting is the timing. Unless this is old news, it's surprising that Bitcoin spikes in Iran while it falls badly in the rest of the world (although this should be temporary too, I hope).


Edit: I've read the story and the comments and it looks like the 24k price is incorrect. Any proper news agency would apologize and correct that kind of article...

Seems like a hype news or it happened on thier locaL  exchange. Sooner or later  bitcoin price will stabilize.If its true, its just temporary, its a big difference outside here that Bitcoin price is nearing $6,000. Mny news outlet got this news, its a good hype, but  still Bitcoin is hard to push right now. LOL

[vlad230]

Am I the only guy who immediately though on how to sell BTC on the EXIR exchange?  $24k for one BTC is something that cannot be ignored.

Going back on topic, I think this is good news for crypto in general and for people who are feeling alarming inflation rates. It seems BTC can also protect people's savings.

[bob123]

I see a lot of people being confused by the btc 'ATH' in iran.

An radical increase in price like this can have two causes:

1) The tradeable asset's value is sharply increasing or
2) The currency the asset is traded against is sharply losing value.

In iran, currently 2) is the case.


This does mean that people in iran who hold bitcoin, did NOT get rich quick. It means they have kept the value stable, while the others have lost a lot of their value.

[lendahawkins]

I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.

Yes it could be done but seems it will be really hard cause of the embargo by the US. I dont think you could even move a dollar into iran and seems like US will think another way to block transaction from iran evem though they using bitcoin or any other crypto to make outside transactions.

[drm]

I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.

Yes it could be done but seems it will be really hard cause of the embargo by the US. I dont think you could even move a dollar into iran and seems like US will think another way to block transaction from iran evem though they using bitcoin or any other crypto to make outside transactions.

Yep no way to arbitrage anyway unless you deal with cash and have the right connections.

[tubig123]

Good jobs bitcoin hits $24,000 in Iran  if it is true I think there is a big helped to introduced in all over the countries which is bitcoin a big factor for the income purposes from the people.The investors and the government will engaged of this programs.

[prokerduit]

Bitcoin hits $24,000 in Iran after the Iranian Government okays mining. This will be great news for the citizens as a way of keeping the economy alive and avoiding the sanction from the USA. It is also boost bitcoin confidence. Link here
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/

wow that is good news for all crypto fans, every time, one country allows bitcoin. then I am very sure bitcoin will explode. because indeed the economy will be greatly helped by the existence of this bitcoin.

[jseverson]

-snip-

What the hell lol that was so confusing. So they basically have a black market for USD like Venezuela does? Wouldn't this scenario offer a massive profit opportunity for Iranians? Or it at least does on first glance. It'll only work if the official exchanges let you buy USD, which I doubt.

[dothebeats]

I don't think it even hit close to $20k, but rather $2k, since it was only 101,800,000 rial recorded on their exchange. My take, someone must have been awful at their math class on their junior high or is trying to sensationalize the said news for some personal gains. It doesn't seem to be making sense as to why would Iranians buy bitcoin at that rate when the rest of the world is selling @ $7000 and lower. I'm pretty sure if that really is the case, they would try and arbitrage as hard as they could to gain more from the opportunity, but in reality, nothing special happened in Iran.

[hase0278]

Reading the article, I felt I was outdated in the news like I didn't know that the value of bitcoin can differ to other countries, how can it be possibly? It's totally absurd to think.

That price of bitcoin there is made possible because of the massive increase in the inflation rate of their national currency, IRR.

I don't think it even hit close to $20k, but rather $2k, since it was only 101,800,000 rial recorded on their exchange.

If that is the case, then its value would be approximately 2417.77$ but it is still absurd because of the discounted selling price. It is still sitting in a good price to do arbitrage trading IMO by buying there in Iran and selling it on international exchanges. It would be a lot easier to move those funds rather than selling there.