RATE Group | Cryptocurrency bulls push Bitcoin price beyond $26,000 (in Iran)
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Cryptocurrency bulls push Bitcoin price beyond $26,000 (in Iran)

07 Sep Cryptocurrency bulls push Bitcoin price beyond $26,000 (in Iran)

Posted at 08:32h in Cryptocurrency News by

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News of Iran’s government legalizing cryptocurrency mining has caused an impromptu Bitcoin bull market. Iranians have clamored to trade fiat for cryptocurrency, pushing the price of Bitcoin BTC to over $26,000 on a local exchange overnight.

Thanks to Iran buddying up to the cryptocurrency mining industry, local sentiment has turned positive. Bitcoin traded for nearly four-times the worldwide market average, as spotted by Bitcoin News.

It really is a cryptocurrency wet-dream: a whisper in the wind (albeit from a world government) causes an explosion in Bitcoin value. There are other factors at play, though. Iran’s currency has been rapidly declining in value, with economists nervous it could suffer rapid hyperinflation that would mirror Venezuela’s spiralling economy.

The dire economic situation, combined with the green-light being given to Iran’s cryptocurrency miners, has seemingly been enough for speculators to picture a world where…

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