Who is buying Bitcoin in Iran?

[pixie85]

War is a great danger. People buy gold during wartime. But how to carry a huge amount of gold. Bitcoin transfer is much easier. Bitcoin may be preferred in such cases. War is a bad thing, I hope not. Demand for Bitcoin may increase.

Ok, that's true... but there's a "but"

Why would they choose Bitcoin instead of buying a currency belonging to one of the country far away from the war zone? Switzerland, Japan, Great Britain are going to be fine and strong as ever. Even the USD could go up in value because the war machine will power the economy and the war will be happening far away from all the factories and corporations.

[vicoma]

It might be people trying to get their funds in a secure place for any unforeseen circumstance that can come up due to recent airstrike. Leaving your money in bank might be a risk in a time like this in Iran. It might also be Government performing the money laundering, who knows. But all in all, Bitcoin is a save heaven for the rich and the poor.

[hilariousetc]

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...

It's not incorrect, especially if all people are doing is just converting their cash to bitcoin just so they can bypass restrictions so they can easily send it somewhere then cash out back to whatever fiat currency they want then all bitcoin has played a part in is transferring wealth. Not necessarily a bad thing as people are still transacting with bitcoin which is good, but if the money only technically stays in bitcoin temporarily then people aren't using is as a store of value/wealth, which still would be risky for them given bitcoin's volatility.

[betty11]

People in Iran are scared of another round of economic sanctions from the USA as the old Persia nation keeps threatening the USA, should this happen, the sanctions may as well cripple the economic of the Iranians. So for a safe haven and to preserve their wealth, the few wealthy wise are taking refuse in bitcoin.

[robertmwalser]

It is actually induced the rates of Bitcoin & cryptocurrencies to surge, with Bitcoin pumping five % from the week's decreased around $6,850. Various other cryptocurrencies pumped alongside the top cryptocurrency by market cap, like Litecoin and also Monero.

While some crypto investors may be purchasing up the asset type fearing that any upcoming war or even continued feud between the 2 countries may be the straw which breaks the camel's returned when it involves the already fragile global economy, people of Iran may be prepared to shell out a hefty premium to purchase Bitcoin, according to rumors spreading the cryptosphere.

The present cost of Bitcoin in Iranian rial? the county's indigenous fiat currency? is just?305,435,985, nonetheless, rates on LocalBitcoins? a peer-to-peer industry for Bitcoin? are supposedly reaching almost as three times that amount for only one BTC. Prices are believed to be going as excessive as more than?1,000,000,000.

The already war torn country's native currency continues to be in a death spiral during the last forty or perhaps so many years, with inflation devaluing the rial considerably during the last several years. Iranian citizens fearing that virtually any conflict or battle between Iran and also the US might further devalue the indigenous currency may be to blame for the whopping priced premium in Bitcoin. load more....

[LordShanken]

I think that in the event of a war in Iran, the easiest way to hide assets and eliminate their loss is to hide them on the internet. It is better to send BTC to an account on Coinbase, for example, rather than risk requisitioning assets for the purposes of subsidizing the army. Even if the BTC price is twice as high there, it is better to lose half than everything. Unfortunately, but during armed conflicts, the law does not protect citizens.

[msarro]

I think we are just stretching this issue too much just like coin halving was stretched few days back. What bitcoin will do to Iranian people if there is war between USA and IRAN? Iranians have better alternate to bitcoin like buying gold or investing in oil. Even in USA people who own bitcoins are only 6.2% and this ratio is much less in countries like Iran.

[tungaqhd]

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?

I think Iranian scare that the economy might collapse once the war with US begin so they want to use Bitcoin instead, or might be the governments want to buy more weapons.

[cotton ball]

Not available for arbitrage between bitcoin in Iran and bitcoin global I think there are only buy with Iranian, not other people available for buying Iranian bitcoin because price is different from bitcoin global price, but how Iranian want to buy bitcoin with higher price and other global exchange market have lower price than in Iranian exchange market, why not buy with global exchange only.

[Cimmy_revenger]

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.

Soleimani and Abu Mahdi al-Muhandis were killed in a US air strike on January 3, 2020 near Baghdad International Airport . The air strike was a retaliation to the attack on the US Embassy in Baghdad allegedly carried out by Iran-backed militias .
His death was confirmed by high-ranking US Department of Defense officials

[BlackFor3st]

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?

If world war 3 is inevitable then bitcoin is the best option to preserve your wealth but still there is a risk if you want to put your money in any currencies that you like.

Will the remaining people after world war 3 still accepts and exchange crypto currencies via fiat and vice versa. And in terms of 2.5billlion dollars transfer, does it happen after the incident that outrage the people of Iran or it is the total output from the start they accept bitcoin exchange.

[Polar91]

War is a great danger. People buy gold during wartime. But how to carry a huge amount of gold. Bitcoin transfer is much easier. Bitcoin may be preferred in such cases. War is a bad thing, I hope not. Demand for Bitcoin may increase.

And in addition, Gold might be captured and be taken away, unlike bitcoin, it is easy to carry around like a USB stick, and most of all, it is secured and could be there no matter where you are around the globe. With such issues concerning war, we might experience inflation rate because of high demand for goods, but what is profitable are the investment platforms because of the fear by people to save their assets.

In this case, it could be considered the main reason for now, on why bitcoin is acting bullish.