Odaily Planet Daily reports that as the Iranian Rial hits a record low against the US dollar, large-scale protests have erupted in Tehran recently. The public attributes the continuous devaluation of the local currency to long-term fiscal and monetary policy mistakes by the central bank. In response, Bitwise CEO Hunter Horsley stated on the X platform that economic mismanagement has persisted through the past, present, and future, and that Bitcoin offers ordinary people around the world a new way to protect their wealth amid significant fiat currency devaluation. The report points out that since the two-week conflict with Israel in June this year, the purchasing power of the Iranian Rial has shrunk by over 40%, with the official exchange rate now around 1 USD = 1.4 million Rials. Bitcoin Human Rights Foundation Chief Strategist Alex Gladstein also mentioned that in the early 1980s, the official exchange rate was only 70 Rials to 1 USD, highlighting the significant devaluation in comparison. Meanwhile, the Governor of Iran’s Central Bank has resigned under protest pressure, further increasing market uncertainty. Additionally, although Iran permits cryptocurrency trading, custody and mining regulations remain relatively strict. VanEck Research Director Matthew Sigel pointed out that Iran recently cracked down on unregistered Bitcoin mining activities and even encouraged citizens to report neighbors. Analysts believe that against the backdrop of sanctions, banking system pressures, and ongoing currency devaluation, discussions about Bitcoin as a decentralized store of value are on the rise. (Cointelegraph)
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
BlackRock Withdraws 3,899 BTC Worth $289.88M from Major CEX
BlackRock withdrew 3,899 BTC worth $289.88 million and 839 ETH valued at $1.95 million from a major exchange, indicating a significant move of institutional assets off the platform.
GateNews22m ago
Beijing Professor Jiang Xueqin Claims Bitcoin May Be US Intelligence Project, Community Disputes Theory
Educator Jiang Xueqin claimed Bitcoin might be linked to U.S. intelligence agencies due to its anonymous creator and technical complexity. Critics countered that Bitcoin's decentralized and open-source nature prevents centralized control.
GateNews1h ago
Charles Schwab Launches Bitcoin and Ethereum Trading
Charles Schwab launched Bitcoin and Ethereum trading on its Schwab Crypto platform, starting with an employee pilot and expanding to a client waitlist by Q2 2026. The service targets 46 million brokerage accounts at a competitive 0.75% fee, positioning Schwab against existing crypto platforms.
CryptoFrontier2h ago
Justin Sun Announces TRON’s PQ Transition, Criticizes Bitcoin And Ethereum
Justin Sun has launched TRON’s PQ upgrade plan, positioning it as the first major blockchain to adopt quantum-resistant technology, while criticizing Bitcoin and Ethereum for their slower progress in addressing quantum threats.
Blockzeit2h ago
Bitcoin Hovers Near $75K as Whales Accumulate 270K BTC Over 30 Days, Largest Since 2013
Bitcoin nears $75,000, driven by significant whale accumulation of 270,000 BTC and low exchange reserves. Despite fluctuations and negative funding rates, it rebounded after geopolitical news, with futures inflows increasing since March.
GateNews3h ago
Zonda CEO Reveals 4,503 BTC Cold Wallet Inaccessible as Founder Remains Missing Since 2022
Zonda, a Polish cryptocurrency exchange, faces a crisis as its cold wallet containing 4,503 Bitcoin is inaccessible, prompting a surge in withdrawal requests. CEO Kral claims the private key was never transferred during the company's takeover, and authorities are investigating the situation amid bankruptcy fears.
GateNews3h ago
