RATE Group | Bitcoin’s rise might be perfect catalyst for an Iranian CBDC
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Bitcoin’s rise might be perfect catalyst for an Iranian CBDC

05 Jan Bitcoin’s rise might be perfect catalyst for an Iranian CBDC

Posted at 16:40h in Bitcoin News by

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Yet another crisis has rocked the Middle East, with the United States of America, unsurprisingly, in the mix. On 3 January, Qasem Soleimani, the military leader of Iran’s Quds Force was taken out by a U.S-led strike. However, while the frosty relations between the two countries turned sour, the markets turned sweet.

No sooner did the news of Soleimani’s death hit news desks, crude oil prices jumped by over 2 percent in under 2 hours. However, despite the importance of oil in the region, it wasn’t the asset that jumped the most; more importantly, it wasn’t the asset Iranians were looking at. Bitcoin, immediately prior to the news of the strike, was trading at under $7,000 for the first time in a month. Alas, like clockwork, political tensions saw it move up by 3.7 percent in an hour.

Many have put forward the claim of Bitcoin being a tool to hedge against political uncertainties. Examples can be seen in LocalBitcoins’ trading volume in national fiat…

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