Recent news about the recognition of Iran mining as a separate industry led to a staggering surge of interest in bitcoin in the country. Local exchange EXIR price of bitcoin has reached $26 000 in just a few hours, reports The Next Web.
The publication notes the increase of the crisis phenomena in the economy that encourage the Iranians to use cryptocurrencies as stores of value.
In the chart below, you can see that from the beginning of the year, the Iranian Rial devalued several times against the us dollar:
When this is compared to their December highs, the price of bitcoin has declined “only” by nearly 70%.
Analytics The Next Web noted a correlation between the decision of the state bodies and the price of bitcoin local exchange. They noted that despite the global market price of bitcoin can be very different in different marketplaces.
Note that the trend toward a weakening of national currencies in developing countries have become global. In particular, in countries such as Venezuela, Argentina, Colombia and Turkey, there is an active increase in demand for bitcoin, which in the conditions of galloping inflation, more and more people consider as stores of value.