RATE Group | LocalBitcoins data negates “Iran buying Bitcoin” narrative
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LocalBitcoins data negates “Iran buying Bitcoin” narrative

07 Jan LocalBitcoins data negates “Iran buying Bitcoin” narrative

Posted at 23:43h in Bitcoin News by

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  • According to the figures presented, interest in buying Bitcoin has actually declined in Iran.
  • It appears that the few Iranian investors who were assigning capital to the crypto were doing it for speculative purposes.

A recent drone strike killed General Qassem Soleimani, after which the tension between Iran and the US has increased. Bitcoin’s price shot up after the attack news was out, resulting in some experts to believe that Iranians had flocked to Bitcoin as a safe haven asset. However, data from certain exchanges say otherwise.

UsefulTulips.org (peer-to-peer exchange volume tracking service) data shows that this explanation for the increase is flawed. Interest in Bitcoin in Iran is actually declining, as per the figures presented. If only Bitcoin’s adoption as a hedge against political turmoil was true, one would witness an interest surge on LocalBitcoins, the planet’s largest peer-to-peer Bitcoin exchange. With just about $708 worth of the digital…

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