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Author Topic: Bitcoin Hits $24,000 In Iran  (Read 542 times)
The Pharmacist
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September 06, 2018, 04:55:58 PM
 #41

isn't that old news?
Well the date on the article is today, so it doesn't look like old news.

However, I question it's accuracy.  I don't know if foreigners can join that exchange (EXIR), but that would be one hell of an arbitrage opportunity if they could.  But to me it sounds like the Mt. Gox situation, where one exchange (Mt. Gox) was extremely risky and had the highest bitcoin price out of all of them.

I do think it's great that Iran is apparently so into bitcoin.  As much as I'm called a racist on this forum, I do want bitcoin to be used worldwide--all races, all religions, all peoples.  I'm not a big fan of middle eastern politics, but it's great that bitcoin is popular there.

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September 06, 2018, 04:57:27 PM
 #42

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

Quote
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$.
Oh! My bad!! Thanks for the clarification. I did not actually think to the area of unofficial rate which I am sure this is the only rate that would be highly used mostly with BDCs while banks may not even be processing any foreign transactions.

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September 06, 2018, 05:31:07 PM
 #43

isn't that old news?
Well the date on the article is today, so it doesn't look like old news.

However, I question it's accuracy.  I don't know if foreigners can join that exchange (EXIR), but that would be one hell of an arbitrage opportunity if they could.  But to me it sounds like the Mt. Gox situation, where one exchange (Mt. Gox) was extremely risky and had the highest bitcoin price out of all of them.

I do think it's great that Iran is apparently so into bitcoin.  As much as I'm called a racist on this forum, I do want bitcoin to be used worldwide--all races, all religions, all peoples.  I'm not a big fan of middle eastern politics, but it's great that bitcoin is popular there.
it sounds like that, we just take the positive side. with a country in the Middle East interested in bitcoin, this will have a good impact on its development, whether it will penetrate how price of bitcoin later, i think main one is a solid foundation

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September 07, 2018, 02:00:23 AM
 #44

I think it has become the beginning of a price increase as in 2017 yesterday the price of bitcoin prices reached a price of $ 20k in several other countries which eventually made the price of bitcoin prices expensive.

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September 07, 2018, 02:51:53 AM
 #45

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/
Good news for Iran people, their government legally and support Bitcoin activities. We are seen now, Bitcoin are supports people to have better life without doing illegal activities. Many business can be supported by Bitcoin such as hotel, tour, online trading, etc. If Iran government can more support on this, surely will support Bitcoin soar in the market.
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September 07, 2018, 03:35:03 AM
 #46

I am not sure whether mining is the reason behind the price rise. The national currency (Iranian Rial) has lost a lot of its value after the Trump administration imposed sanctions on that country. The people are rushing to convert their fiat to other assets.

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September 07, 2018, 03:51:36 AM
 #47

Iran is a religious country, with mining being implemented there, of course this is good news, even though we don't know about the authenticity of the news. But with Iran looking to focus now on bitcoin to maintain the economic stability of their country, then if it becomes a reality if Iran will grow the economy well from bitcoin mining, it is not impossible that many other countries will follow in their footsteps. This will certainly grow the growth and development of bitcoin to become more rapid and may be consistent.

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September 07, 2018, 03:53:54 AM
 #48

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/
Then bitcoin should be up by this time because of this news. Be ready for the massive pump that will occur any day of this month. Buy now guys fill your bags.

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September 07, 2018, 07:28:58 PM
Merited by fabrizoc (2)
 #49

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.
Most times, it is going to be restricted within the country since it would only be based on local exchanges anyway, and if there could have been a way to go the arbitrage way, I am sure it would not have ended up being up to that level and could have also affected bitcoin in general.

We have had incidents like this in the past with bitcoin in Zimbabwe hitting a higher value than the global value but since the government had some sanctions against international transfers, it would be hard for anyone outside to lay hands on their funds. I still do not know why this news is actually not reflecting with the price of bitcoin against Iranian Rial as $24k and I am still seeing the same thing.

I know with the economic situation that Iran is going through and the quick way of trying to curtail that will make the price of bitcoin and the demand for it within this region to soar high but from the look of things I really do not see this news being real until maybe I am able to see how the local exchanges are faring in this matter and the price listed on them.

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September 11, 2018, 08:45:16 AM
 #50

Flactuations happens. There is no two ways about it. In my country we had foreign exchange problems as well so even tho bitcoin worth $7.2k (at the time) we had it at $6.8k or so, which we of course took advantage and bought as many as possible until the next day when the price went back to $7.2k and we sold and made ton of profit. This type of stuff happens all the time, just wait it out and the price will go back down in iran as well, short it in iran if you can, that would make it a lot better, sell for $24k if you can and when it goes back down you will be capable of buying 4 times the amount right away thanks to it.

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September 11, 2018, 08:55:31 AM
 #51

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.

i think the odds of having a friend in Iran and trying to send btc there is absurd and wanting to transfer funds to a country with dollar transaction problem is really unlogical, even this is true, i think it is advantageous to iranians only, we dont want to have a case of money laundering in the international scene.

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September 11, 2018, 10:21:48 AM
 #52

It is not possible for bitcoin to be that extremely high in one country and  low in other countries. The exchangers that operate in Iran are they just strictly for Iran citizens?  What is the link to those exchangers?
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September 11, 2018, 11:46:00 AM
 #53

This is definitely a very old news, the price difference of BTC is very small in the world!
There are many people in the world who are staring at the price of BTC. If there is an abnormality, there will be many people trading!
Due to economic sanctions imposed by the United States, cryptocurrencies will be widely promoted in Iran!

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September 11, 2018, 12:41:09 PM
 #54

Yes, this is old news. Suppose this is true the price of Bitcoin is now in Iran, it's impossible too. because the price difference is very far, people can get rich suddenly by buying Bitcoin at a price of $ 6,000 then selling it in the Iranian Exchange at a price of $ 24,000.

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September 11, 2018, 01:53:01 PM
 #55

I have been seen this news through my local news media and i thought it was fake but apparently this looks valid news that after fews days ago Iran government decide oke for bitcoin mining then bitcoin price rapidly increase in that country but i wish this is good for general because i'm pretty sure people expect this price hapenned globally not only in Iran

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September 18, 2018, 06:47:22 AM
 #56

I have been seen this news through my local news media and i thought it was fake but apparently this looks valid news that after fews days ago Iran government decide oke for bitcoin mining then bitcoin price rapidly increase in that country but i wish this is good for general because i'm pretty sure people expect this price hapenned globally not only in Iran
This is something else I think it will not be in US dollars in Iran as we know that current price is 6225 US dollar so it is not a permanent value and we are waiting for the price to go high. It will go high once again when we avoid some mistakes we perform by stopping to sell in low market and to invest in the current market much more so this will increase the demand rate and price will increase itself.

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zwiggel
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September 19, 2018, 11:38:52 PM
 #57

I think this is a great thing. The $ 24,000 bitcoin price in Iran will help investors confidently invest in bitcoins. It makes the electronic money market come back. Bitcoin prices in other countries also increased.

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ajsexylove
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September 20, 2018, 04:52:07 AM
 #58

Is that true? How come they have their own price movement? In that case they can buy bitcoin from main exchange market and transfer it in their account and sell it in Iranian exchange platform.  I'm wondering who would buy in that price when investors really know that their is a live price that is visible in coinmarketcap.
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