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As US-Iran Tensions Escalate, Iranian Crypto Traders Asking for $24,000 per BTC

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As US-Iran Tensions Escalate, Iranian Crypto Traders Asking for $24,000 per BTC

Cryptocurrency sellers based in Iran are asking for close to 1 billion Iranian rials per bitcoin in view of the current geo-political maelstrom that is set to hit in the wake of the killing of head of the Iranian Revolutionary Guards’ elite Quds Force, General Qasem Soleimani.

Sellers are asking for an equivalent of over $24,000, which, incidentally is over BTC’s all time high, on P2P trading platform LocalBitcoins.

Source: LocalBitcoins

As soon as news of the killing spread, prices of crude and gold started surging as did the price of Bitcoin that is now comfortably up (close to $7300) from its recent lows of around 6800.

Experts believe that this harried selling and extremely high premium is probably a means of these crypto traders to exit the Iranian Rial which is depreciating fast and will gain momentum if the situation with the US escalates or if there is war. Some experts are quick to point out that these trades are fueling Iran’s war efforts and are only a few traders who want to hedge their bets in these chaotic times.  

Bitcoin trading suffers as Iran restricts access to the Internet

Trading volumes on LocalBitcoins have gone down dramatically following the Iranian government’s restrictions on internet access across the country after widespread protests spread all over the country in response to the rising fuel prices.

LocalBitcoins weekly trading volume, Iran. Source: Coin.dance

Iran has sought revenge on the US for the Killing of one of its most influential military man, who was seen as extremely close to Iran’s Supreme Leader Ali Khamenei, and had a major say in matters of foreign policy

Last month, we had reported that Iran was proposing a Muslim cryptocurrency as one of a number of means to confront the economic dominance of the United States.

“The Muslim world should be designing measures to save themselves from the domination of the United States dollar and the American financial regime,”

said Iranian President Hassan Rouhani.

Iran, however, holds an unfavorable view of bitcoins and has no current plans to legitimize its use.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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