Bitcoin is currency going nuts in Iran cryptocurrency exchanges. A single BTC is selling $24,000+ in trading platforms in Iran and worldwide.
A quick look on the peer-to-peer crypto exchange, LocalBitcoins shows Iran-based sellers asking for $24k+ for a single bitcoin (BTC); that amount to 1 billion Iranian rials.
Bitcoin price in Iran inflated by crypto exchanges?
Today’s displayed price per bitcoin in Iran comparing the current global market price may not be real, as it could have gotten inflated by exchanges. The premium price.
Countries with weak or anticipation of national currencies devaluation could cause sudden increase in prices.
It occurred in Venezuela when recently, when the country’s citizens took to the street in attempt to overthrow president Nicolás Maduro. Dual exchange rates can also inflate prices. The country’s central bank rate vs actual market rate.
Cryptocurency expert, Ali Beikverdi explains,
“It’s only possible for few businesses and government with special procedure to get that rate.”
Mr. Beikverdi continues,
“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.”
What Beikverdi is saying is, it’s because 1 USD equals to 42,000 Iranian Rial that Bitcoin price is showing $24,000 per coin on exchanges. The actual price of BTC on the street of Tehran is closer to $7,300 USD; the current Bitcoin market’s global rate.
Bitcoin, gold, and oil prices boosted on United States and Iran’s tensions
Yesterday, US president, Donald Trump and the mighty military launched an drone airstrike killing a number of high military officials, including General Qasem Soleimani; the head of Iran’s Revolutionary Guards’ elite Quds Force.
The killings resulted in the surge of Bitcoin, oil, gold prices globally. Prior to the airstrike, BTC was trading at at a 24-hour lost at $6,850; down from a little over $7,200 trading the day before.
There are many reports of inflated Bitcoin in Iran and other part of the Middle East. However, it’s highly possible that no one is paying the $24,000 per BTC showing up in exchanges in Iran or posted by traders on peer-to-peer platforms.
As an expert on Bitcoin-related topics, I’ve found myself as a Journalist at CEX.IO – cryptocurrency exchange. I’m working on articles related to blockchain security, bitcoin purchase guides or bitcoin regulations in different countries.