Iran’s Currency Crisis Triggers Protests, CEO Says Bitcoin Offers Exit
Amid Iran's severe currency crisis, the rial plummeted to a record 1.4 million per US dollar, losing over 40% of its purchasing power and triggering widespread protests in Tehran. Demonstrations led to shop closures in major commercial areas, while security forces used tear gas to disperse crowds. Public anger is directed at poor central bank policies, compounded by the resignation of the central bank governor. The banking sector faces extreme stress, with state-owned Bank Melli declaring bankruptcy and eight others at risk of dissolution due to international sanctions and internal mismanagement.
Bitcoin is presented by figures like Bitwise CEO Hunter Horsley as a potential shelter for Iranians to preserve savings, though strict regulations, unclear self-custody rules, and government crackdowns on unregistered mining limit safe access to cryptocurrencies. Despite cheap electricity for mining, regulatory pressures remain high. Bitcoin's role as a store of value gains attention amid economic collapse, but practical barriers persist.
bitcoinist12/30 16:10