RATE Group | The Next ‘Venezuela’? Bitcoin Up Over $8,400 in Iran Amid Hyperinflation
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The Next ‘Venezuela’? Bitcoin Up Over $8,400 in Iran Amid Hyperinflation

07 Sep The Next ‘Venezuela’? Bitcoin Up Over $8,400 in Iran Amid Hyperinflation

Posted at 19:33h in Bitcoin News by

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Bitcoin price has risen dramatically in Iran following the government’s decision to grant legal recognition to the country’s cryptocurrency mining industry.

Bitcoin Premium Comes to Iran

While Bitcoin 00 suffered an almost $1,000 drop in the rest of the world, the top-ranked cryptocurrency was reaching new heights in Iran.

Buoyed by the government’s legalization of cryptocurrency mining activities, the local price of BTC shot up to more than $26,000 on the localbitcoins platform for Iran. This figure amounts to more than four times than the average spot price around the world.

However, there are counter reports that the $20,000+ BTC price in Iran is grossly exaggerated, with the actual value on the street being closer to $8,400. The confusion lies primarily in the difference between the official and black market exchange rial/dollar exchange rate.

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