Iranians open up to cryptocurrencies
The estimate comes from Hamed Mirzaei, the CEO of Bitestan, an Iranian exchange. According to him, the vast majority of Iranians buy and sell cryptocurrency on local platforms, rather than on big exchange services like Binance or Coinbase. 88% of the exchanges would thus be carried out locally.
In total, the daily cryptocurrency transactions carried out by Iranians correspond to between 30,000 and 50,000 billion Iranian rials (IRR), that is to say 1.189 billion dollars (USD).
👉 Find all the news about cryptocurrencies
Nearly 15% of cryptocurrency holders?
Also according to Hamed Mirzaei, it is estimated that between 7 and 12 million Iranians have cryptocurrencies. If you compare that to the total population of the country, it is between 8% and 14% of Iranians.
We will of course take this data with a grain of salt, because it comes from an interested source. But they seem to confirm an overall trend that has been observed in recent months. It is the countries that suffer the most from inflation or major economic crises that seem to be at the forefront of popular adoption of cryptocurrencies.
The Iranian rial has indeed fallen for several years: the government has taken a few more zeros from it in 2019. It has lost 75% of its value against the dollar since 2018. The Iranians’ rush for cryptocurrencies would therefore be a way to protect their savings.
👉 Read About It – The Bitcoin (BTC) Rise Is Due To Inflation, According To JPMorgan
Receive a recap of crypto news every Sunday 👌 And that’s it.
About the author: Marine Debelloir
Associate Editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.