Bitcoin (BTC) is now being traded in Iran at $25,887. Currently, the price of BTC is way over the US $18,000 above its current global trade price of US $7,300.
In a tweet by Exir on September 3, it states: “Bitcoin bull markets already started in Iran as Rial price goes down against USD.” A screenshot of the chart was also attached.
Altcoins were also traded at a huge premium. Ethereum is trading in Iran at the US $1,050, far more than US$ 270 which is the global price.
Bitbarg, another P2P site has the lowest sell offer for Bitcoin which is around US$ 26,000.
The incredible price quotes may be brought about by recent events in Iran as far as the appeal for cryptocurrencies is concerned.
One probable cause could be that sanctions by the US have started to bite. It may also be due to the eroding confidence on Iranian Rials which has recently crashed. The value of these Rials against the US dollar went down over 80 percent in the past years.
The biggest factor that could have triggered this price explosion is Iran’s apparent strategy to work around the sanctions by using cryptocurrencies.
In a recent development, Iran has legalized cryptocurrency mining and may soon allow cryptocurrency exchanges as well.
With the announcement of Iran’s plan to have a centralized national currency, it must have increased the awareness among Iranians. It could probably be the reason why Iranians are chasing after these cryptos.
Although the supply of cryptocurrencies may be low because of the sanctions imposed, with such as premiums, cryptos may still be able to find its way into Iran.