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Iran based bitcoin sellers on LocalBitcoins are presently selling one Bitcoin for a Billion Iranian rials. A figure that is at least $24,000 per Bitcoin. In fact, even higher than Bitcoin’s 2017 all-time high. Analysts believe the price action taking place in Iran results from tensions boiling up in Washington and Tehran.
Bitcoin price soars in Iranian rials
The higher price in Iran in correlation to the standard global market price of $7,350 comes in the wake of a Baghdad Airstrike; ordered by US President Donald Trump. The airstrike on Baghdad Airport saw the death of the Iranian Revolutionary Guards Elite Quds Force, General Qasem Soleimani. Moreover, this resulted to a surge in oil prices in the international market as well as a slight rebound of Bitcoin’s yesterday lows near $6,850.
Messari Ryan Selkis, the Founder of Crypto analytics noted that the premium could be a result of Iranians finding a way to exit Iran’s depreciating national currency. Which is particularly due to the prospects of US war. He noted:
Bitcoin is trading at nearly $24,000 in the USD equivalent of Iranian Rials on LocalBitcoins today. It's unlikely those purchases are paying for the Iranian military's response. Instead, it might be innocent (and desperate) Iranians looking for a way out of the coming chaos.”