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Bitcoin Is Not Trading at 24,000 in Iran

After the Baghdad developments, rumors surfaced that bitcoin touched 24,000 per coin in Iran. Apparently, the demand for the most famous cryptocurrency has grown amid the threat of a military conflict with the U.S. However, rumors, although not illgrounded, remain only rumors generated by a distorted perception of objective reality. In fact, cryptocurrency exchanges, working in Iran, do business as before, and the bitcoin price fluctuates here at around 7,000, as everywhere else. Meanwhile, the Iranian economy is already bursting at the seams under protracted economic sanctions, and one presupposes that the situation will only worsen. If the fears are justified, the Iranian rial will depreciate, and people will buy up bitcoin and precious metals to protect their assets from devaluation. And yet, contrary to statements in some media, Bitcoin is still far from historical highs in Iran. Photo Pixabay How did these rumors appear? Some Iranian cryptocurrency sellers raised prices up to 1 billion Iranian reals per bitcoin, triggering news with regard to unbelievable bitcoin rates. If you count 1 billion riyals at the exchange rate to the dollar, you get 24,000 for one bitcoin. However, one should take into consideration that the official exchange rate set by the Irans Central Bank has nothing in common with the real market rate, which is much higher. Such double rates are often found in the countries with a weak national currency one set by central bank, and the second…