- Iranians considering Bitcoin as an alternative safe haven
- Iranian searches show 45 times increase in Bitcoin-related searches
The Iranians are now increasingly turning to Bitcoin as a safe haven due to the current tense climate in the Middle East with the US announcing fresh waves of sanctions against the country. While the traditional safe havens for Iranians have been Gold and foreign currency, both of them have been in short supply due to the American sanctions because of which most of the foreign companies cannot do business in Iran.
With the traditional safe investments drying up and getting more and more expensive, Iranian people are now considering Bitcoin as a viable alternative as its value is determined by its trading pairs with USD and EUR. Google trends also show Bitcoin-related search “Bitcoin Iran” up by 4,500% in Iran during the current tensions with the USA.
The Iranian currency rial has lost more than 80% of its value in the last few years alone and the future sanctions by the US government are likely to increase the pressure on the weak national currency. As a result, Bitcoin’s acceptance as a safe haven and utility are expected to increase in the country in the near future.
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