Tehran’s streets erupted in Iranian protests against the regime this week, with shopkeepers shuttering stores and crowds chanting against skyrocketing prices as the rial tanked to a fresh low around 1.42 million per dollar.
Anger boiled over from years of sanctions, mismanagement, and inflation hitting 42%, wiping out savings overnight.
The central bank chief even quit amid the chaos, fueling more uncertainty in these Iranian protests.
Right in the heart of it, Bitcoin steps up as a solid escape hatch.
Your completely free resource hub designed to boost your knowledge of cryptocurrencies
Bitcoin might be the only hope amid Iranian protests
Bitwise head Hunter Horsley says Bitcoin helps regular folks shield their wealth from crumbling fiat like the rial.
He called out endless economic blunders and hailed Bitcoin as the people’s counterpunch.
The rial’s nosedive sped up after tensions with Israel, losing massive ground from decades ago when it traded at just 70 to the dollar.
Meanwhile, Bitcoin holds firm near $90,000, proving its worth as a reliable haven when local money fails.
Iran okays crypto trades, but self-custody rules stay murky, and mining’s locked down tight with crackdowns on unlicensed operations and incentives to rat out neighbors. That blocks access to dirt-cheap electricity, where mining Bitcoin could run under $1,300 a coin, far below today’s price.
Iran (formerly Persia) was a vibrant economy pre-1979 Islamic Revolution. Since the regime took over, Iran has experienced the Iran-Iraq War, sanctions, nationalizations, human rights violations, oil price fluctuations, etc., that have rapidly destroyed the country’s economy.
Sanctions keep biting, isolating banks and sparking failures, while a big exchange hack earlier this year shook confidence further.
Still, in the face of these Iranian protests, more people see Bitcoin as uncensored, global protection.
