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01 October 2020

Bitcoin Is Becoming More Valuable to Iranians Amid Tensions With US

Bitcoin Is Becoming More Valuable to Iranians Amid Tensions With US

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The overall value of Bitcoin (BTC) is now up by around 15% this year, but since President Trump recently downplayed the situation in Iran at a White House press conference — saying that the Middle Eastern power is ready to stand down — the currency’s price slid back down to under the $8,000 mark.

With that being said, a whole host of prominent figures, including Galaxy Digital’s Mike Novogratz and Digital Asset Capital Management’s Joshua Green, seem to agree with the notion that the aforementioned rally was definitely linked with the events that recently unfolded in Iraq.

With all of the news stories recently floating on the internet that claim people in Iran are scurrying to get their hands on Bitcoin, especially in the wake of the recent geopolitical tensions that have been rising in the region, Cointelegraph reached out to Hadi Nemati, an Iranian digital currency specialist and chief operating officer of Bitfolio Capital — an open-end crypto hedge fund.

Joo frequently deals with crypto firms and startups based in and around Iran, and in his personal view, many locals who up until now did not have the means nor the volume to move their money out of the country have started to turn toward Bitcoin at a rapid pace — especially the younger generation

Joo also aligned with Mahyar’s stance that a number of Iranian miners and crypto holders are currently making use of LocalBitcoins as well as a host of local over-the-counter groups — that have strong overseas connections — to facilitate their crypto transactions in an off-exchange fashion

Joo also pointed out that while there exist small pockets of crypto traders in the country, Iranians are not known for their financial market knowledge, but rather their engineering skills — which is highlighted by the fact that most of these traders are also involved in some sort of Ether- or Bitcoin-based mining activity

Political views aside, the sad reality of Iran is that since the revolution of 1979, the country has been faced with a myriad of economic sanctions as well as other destabilizing issues, such as constant currency devaluation and high inflation

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