Who is buying Bitcoin in Iran?

[Spider A4]

Lol, I don't think there will be world war 3 but yeah I would love to see Iranians buying crypto but spending it in Iran tonadopt the currency and parallel use the traditional currency as well to make the economy stronger and transactions with privacy so that no third party country can monitor its transactions.

But i think some possibility to happen WWIII and because IRAN already try to two rocket attacked at US Embassy in Baghdad start to the decade folks!
Cryptocurrency is illegal in IRAN so how third party can be monitor in any transactions. But 2.5 billion dollar transfer means huge number of amount as per as IRAN.

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[Jating]

Apparently the price has trebled on the local Bitcoins market. So is it rich people trying to preserve their wealth, or is it people using it for everyday purchases? Mohammad Reza Pourebrahimi, chairman of Iran’s economic commission, has stated that more than $2.5 billion has been transferred out of the country via Bitcoin. Will this be the primary function of Bitcoin as we creep towards World War 3?

This could be another use case for bitcoin if ever there's a conflict between Iran and USA.

Censor resistant BTC could be the only way that rich and wealthy Iranian can bring their money out of the country. I don't think that Iranians are going to use bitcoin for every day purchase though, I'm not really sure if there are stores that are going to accept bitcoin as mode of payment. So most probably, the rich and elite are going to bitcoin or crypto to hedge.

[cabron]

Apparently the price has trebled on the local Bitcoins market. So is it rich people trying to preserve their wealth, or is it people using it for everyday purchases? Mohammad Reza Pourebrahimi, chairman of Iran’s economic commission, has stated that more than $2.5 billion has been transferred out of the country via Bitcoin. Will this be the primary function of Bitcoin as we creep towards World War 3?

This could be another use case for bitcoin if ever there's a conflict between Iran and USA.

Censor resistant BTC could be the only way that rich and wealthy Iranian can bring their money out of the country. I don't think that Iranians are going to use bitcoin for every day purchase though, I'm not really sure if there are stores that are going to accept bitcoin as mode of payment. So most probably, the rich and elite are going to bitcoin or crypto to hedge.

Its possible but it would be too late for that. They must have figured this will happen long time ago since Gaddafi and the rest, they must had purchased weapons long time ago. If the government are the ones buying BTC, this wouldn't be for weapons but to save the economy just like wealthy Iranian businessmen too afraid to lose their money when economy collapse. 

[Mpamaegbu]

Apparently the price has trebled on the local Bitcoins market. So is it rich people trying to preserve their wealth, or is it people using it for everyday purchases?

I go with the first premise. Demand is surely surging and here is the link to that news https://cointelegraph.com/news/bitcoin-selling-for-24-000-per-btc-in-iran-as-us-tensions-escalate

Many people see Bitcoin as a safe Haven, especially when the dollar is in doubt or in crises. If the rich don't want to stock their cash in the JPY or CHF, Bitcoin certainly provides them an alternative, especially when they know it's internet money and can be accessed from anywhere in the world. The heat is already on in Iran.. Their economy may be in shambles if they decide to go to war with the US.

[Jet Cash]

Their economy may be in shambles if they decide to go to war with the US.

It is the US that is trying to go to war with Iran. This latest even is an act of war by the US, and is not based on any proven action by Iran.

[figmentofmyass]

Apparently the price has trebled on the local Bitcoins market. So is it rich people trying to preserve their wealth, or is it people using it for everyday purchases? Mohammad Reza Pourebrahimi, chairman of Iran’s economic commission, has stated that more than $2.5 billion has been transferred out of the country via Bitcoin. Will this be the primary function of Bitcoin as we creep towards World War 3?

don't get too excited. iranian localbitcoins volume has hit rock bottom the past few weeks. https://coin.dance/volume/localbitcoins/IRR/BTC

according to this report, these claims about skyrocketing price are bogus too. they are based on the central bank's official USD exchange rate, which is inflating the BTC/USD exchange rate. spot prices in iran apparently actually reflect the global market:

“It’s only possible for few businesses and government with special procedure to get that rate,” explained a crypto expert Ali Beikverdi.

“The official rate is what the central bank says. But literally, no one except some government organizations can get that rate while no one can use it. It’s a joke.”

“So if you wanna buy USD today in Tehran, the price is about 140,000 IRR,” he says.

In other words, while the “official rate” is around 42,000 IRR per 1 USD — which would result in the $24,000 price per Bitcoin — the actual rate in the street would give one something closer to BTC’s actual global market price, currently around $7,300 USD.

[veleten]

Apparently the price has trebled on the local Bitcoins market. So is it rich people trying to preserve their wealth, or is it people using it for everyday purchases? Mohammad Reza Pourebrahimi, chairman of Iran’s economic commission, has stated that more than $2.5 billion has been transferred out of the country via Bitcoin. Will this be the primary function of Bitcoin as we creep towards World War 3?

no idea who is buying but if the price is 3 times the market , they are crazy to be doing it
and I certainly don't think we are creeping towards World War 3 , even the thought of it makes me cringe
who will care about the markets , bitcoins and whatnot when your home is destroyed by a bomb or a nuclear strike?
nothing matters then , hope the politicians cool their stupid heads and won't let this escalate further

[Jet Cash]

Holding Bitcoin, gold and silver coins won't help you if you are nuked. However, if your economy tanks, or the US decides to sanction your country, then having made good prepping plans can help you through the transition.

[aoluain]

It certainly looks like people in Iran are moving wealth.
on the upside this is a prime example of one of the uses of Bitcoin (and crypto)

on the downside if the situation between the U.S and Iran escilates there will be
LOSS OF LIFE, that superseeds everything.

such a pity that we are entering another hostile situation, can we not learn from
the past?

[electronicash]

It certainly looks like people in Iran are moving wealth.
on the upside this is a prime example of one of the uses of Bitcoin (and crypto)

on the downside if the situation between the U.S and Iran escilates there will be
LOSS OF LIFE, that superseeds everything.

such a pity that we are entering another hostile situation, can we not learn from
the past?

if they are moving their money out of the country that means these people buying BTC is looking for somewhere safe where there will be no war.  but buying at the current price on their localbitcoin seem too much. and so its definitely just the rich that can afford at such price.

i would probably watch the news everyday from now on to see what will happen. i hope the tension calm down before Iran decide which route to go.

[Johnyz]

Their economy may be in shambles if they decide to go to war with the US.

It is the US that is trying to go to war with Iran. This latest even is an act of war by the US, and is not based on any proven action by Iran.

Exactly, the war started by the US and they know that Iran can’t handle their power and yet, they are trying to get Iran through the war, well this has been a war for a decade and nothing new about the US power. Anyway, the price of bitcoin in Iran is really big but i think people buy bitcoin so their money will not depreciate that much, it looks like bitcoin is a safe place during a war. I just hope that this war will end soon.

[Artemis3]

Apparently the price has trebled on the local Bitcoins market. So is it rich people trying to preserve their wealth, or is it people using it for everyday purchases? Mohammad Reza Pourebrahimi, chairman of Iran’s economic commission, has stated that more than $2.5 billion has been transferred out of the country via Bitcoin. Will this be the primary function of Bitcoin as we creep towards World War 3?

It could just be average citizens afraid that their local currency is going to tank because of possible war or economic sanctions. From what I remember from Venezuela there was a lot of regular citizens buying up bitcoin when their economy went tits up after hyperinflation set in. Maybe people in Iran are just using bitcoin to easily get their money out of the country as I'm sure it's much easier to do than the other cash alternatives which I'm sure a lot of them have already been restricted by the US.

I know that the second most important man of Iran, just died yesterday in that attack.

Is that true? I thought that he was the public head of a covert operations section, and not that important. They seem to have replaced him pretty quickly, and expanded the department, so it looks as if once again the US has shot itself in the foot. It was an orchestrated move according to John Bolton, and not the preemptive strike that the media reports. In fact it was really the murder of a diplomat attending a planned and well reported meeting in a foreign sovereign state, and many see it as yet another example of US terrorism.

The media was basically kind of saying that's he's essentially the second most powerful man in Iran, but not sure how accurate that is. I guess being the head of the military is a powerful position but it's not like it's just one step down from the president.

If i were to guess, these are traders taking advantage of the situation. Of course there are also people trying to preserve their money, and if the Iranian government is doing it, it would be an incredible precedent. Trump might find an excuse to hate Bitcoin even more.

Most Venezuelans were already poor once hyperinflation "hit", those large movements are from traders many of which don't even live in the country. So i can safely guess the same thing is happening in Iran. Sometimes foreigners rent bank accounts from locals for their trades. And yes, distortions often cause incredible local spikes in price, which would let you make a lot of money if you have the needed connections. ie: a bank account in the country, knowledge of local rules (bank limits), local contact etc. Yes there could be some rich people too, and some gov people its a free market after all. That's the beauty of a State-less economy.

Please note that its actually incorrect to say money is getting in or out certain physical place. If it becomes bitcoin, it is bitcoin everywhere. Bitcoin is border-less, once you change your country's fiat into Bitcoin, you have gained a worldwide asset. So rather than saying the money leaves Iran, you could say the money enters Bitcoin. It can still be used inside Iran at any moment, unlike doing the same with forex or some foreign bank account. The difference is huge if you stop to think about it...

Iranians buying bitcoin are not really taking the money out of the country, but they are saving it from both the country (Iranian State) and the potential aggressor/invader (see the military command economy they imposed to Germans after the fall of the 3rd Reich). This is one more reason why Bitcoin is so valuable rather than some physical asset that could be seized or destroyed, or a fiat that could lose all value overnight.

[peter0425]

$2.5 billion is a lot of money that was been transferred in a  short period of time and surely it is the wealthier family that preserving their wealth in case the war go forward,the question is in what countries they are putting the amount?anyway this is a serious issue because both Iraq and Iran is now in the situation considering they are both one of the biggest supplier of Oil in the world.if the war go further for sure the effect in cryptoworld will take place.but for those who has a chance to buy bitcoin in local market must accumulate and take this as an advantage to buy more and keep holding until the issue settled.

[Blitzboy]

Please note that its actually incorrect to say money is getting in or out certain physical place. If it becomes bitcoin, it is bitcoin everywhere. Bitcoin is border-less, once you change your country's fiat into Bitcoin, you have gained a worldwide asset. So rather than saying the money leaves Iran, you could say the money enters Bitcoin. It can still be used inside Iran at any moment, unlike doing the same with forex or some foreign bank account. The difference is huge if you stop to think about it...

Iranians buying bitcoin are not really taking the money out of the country, but they are saving it from both the country (Iranian State) and the potential aggressor/invader (see the military command economy they imposed to Germans after the fall of the 3rd Reich). This is one more reason why Bitcoin is so valuable rather than some physical asset that could be seized or destroyed, or a fiat that could lose all value overnight.

You were right about this, but still missing. When the local price of bitcoin rises too much, this means that they accept losing a large amount of money. The discrepancy between local prices and worldwide prices is a cause for their loss. In other words, it is the amount of damage they have to accept to own bitcoin. I am not sure if their actions are correct, this amount may be even greater than the amount lost due to inflation during the war. But in return, they have safety when they can use the money worldwide.

[OrangeII]

actually I'm also curious, who are the people who buy bitcoin at a very high price, can they not buy bitcoin at binance or other markets at much cheaper prices? I was really curious about how they sold. other than that, this might have something to do with the problem that is currently happening, and I think that they started doing transactions using crypto.

[pragna]

Apparently the price has trebled on the local Bitcoins market. So is it rich people trying to preserve their wealth, or is it people using it for everyday purchases? Mohammad Reza Pourebrahimi, chairman of Iran’s economic commission, has stated that more than $2.5 billion has been transferred out of the country via Bitcoin. Will this be the primary function of Bitcoin as we creep towards World War 3?

Sir i did not get any authountic link here that MD. Reza Pourebrahimi has stated more than $2.5 billion has been transferred out of the country via BTC. Actually many things can happen in 2020 year. All big financial giant country now looking digital currency through block chain because its easy transfer and no documentation. So no doubt that in near future digital currency will be best for financial correspondence.

[Eugenar]

I do really wonder how this could impact the worlds market price of bitcoin because if the only person buying the most and the high price of bitcoin could just be located at iran, it will not impact the worlds market price that could be observed at the CMC, though I do believe that many people will take this as an opportunity to buy more bitcoin because of the tension and the possibilities that a domino effect could happen. In which people around the world even those that aren't living in Iran or US are accumulating because of the tension.

[enhu]

What I'm wondering is that BTC is ban in IRAN why is there people selling BTC on localbitcoin which as far as I know their LBC account has to be linked to a bank account in the country. It would make sense if its the government who are buying the coins and then there are these people who grab the opportunity to sell due to high price.

[bitcoinsocial09]

Apparently the price has trebled on the local Bitcoins market. So is it rich people trying to preserve their wealth, or is it people using it for everyday purchases? Mohammad Reza Pourebrahimi, chairman of Iran’s economic commission, has stated that more than $2.5 billion has been transferred out of the country via Bitcoin. Will this be the primary function of Bitcoin as we creep towards World War 3?

We know that Iran could buy them kind bitcoin but we don't know their motives in bitcoin are they just recognized bitcoin in away.
Still, this kind of move could also be part of the war maybe there are trying to attack the economy having a big percentage of bitcoin might affect the economy.

[bitbunnny]

Their economy may be in shambles if they decide to go to war with the US.

It is the US that is trying to go to war with Iran. This latest even is an act of war by the US, and is not based on any proven action by Iran.

That is true but Iran might decide to strike back US and that might even mean begininig of world war.
Anyway, any war activities might effect economy in Iran but I don't think that Bitcoin could play any role in that and the state will definetely not turn to Bitcoin, maybe only some individuals.