The tensions between the United States and Iran are greater than they have been in a very long time. President Donald Trump ordered a drone strike that killed a famous Iranian general. This was in response to an attack on the United States embassy in Iran. Missiles were launched by the Iranian military at various American targets. This resulted in President Trump saying that he will put even tighter economic sanctions on Iran than the ones that were already in place for many years. These sanctions have made the Iranian economy very chaotic to say the least. This is why more Iranians are starting to use bitcoin every day.
Bitcoin has been used by people in places where the economy starts to have problems due to issues with the government. Hong Kong, Argentina and Venezuela would fall into this category. Citizens in these countries become very nervous that their bank will collapse or the government will seize their assets. In order to prevent this from happening, they buy bitcoin or other cryptocurrencies. The virtual currency is not kept in a bank. This is good for a number of reasons. First of all, there is no way that any government would be able to gain access to bitcoin. It is stored in a digital wallet that only someone with the access code can open.
Bitcoin is also good for people in Iran because they know that they will always be able to have access to their money even if every bank in the country collapses. There has been a huge increase in bitcoin purchases in Iran over the past week. This is not a surprise. The country is becoming more economically unstable with each passing day. Therefore, people are having to take more drastic measures to protect the money they have worked so hard to earn.
Not surprisingly, there has also been an increase in bitcoin mining throughout Iran. The general public has become aware of bitcoin because the media has been covering this topic very heavily over the past year. Therefore, the number of people investing and mining bitcoin has increased dramatically. This does not figure to change any time soon as long as Trump’s very severe sanctions remain in place. If the economy remains like it is now, Iran could become one of the biggest hotbeds for bitcoin trading anywhere in the world. It remains to be seen if that will happen.
Dil Bole Oberoi
