While Bitcoin $6501.47 suffered an almost $1,000 drop in the rest of the world, the top-ranked cryptocurrency was reaching new heights in Iran.
Buoyed by the government’s legalization of cryptocurrency mining activities, the local price of BTC shot up to more than $26,000 on the localbitcoins platform for Iran. This figure amounts to more than four times than the average spot price around the world.
The license given to cryptocurrency miners in the country isn’t the only reason for the massive BTC premium in Iran. There is also the matter of the rial’s rapid decline. The nation’s economy has been on a downward spiral, and the situation has become further complicated by the re-emergence of U.S. economic sanctions.
There are fears that Iran might even be on a similar trajectory to Venezuela which means severe hyperinflation. Thus, with BTC looking stable compared to the rial, Iranians are hedging their savings by exiting to Bitcoin.
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