Iran’s bitcoin volume shadows both external and internal events in the daily lives of the Iranian regime. On December 4, 2017 the Trump Travel Ban came into effect, with, most citizens of Iran, Libya, Syria, Yemen, Somalia, Chad and North Korea being barred from entering the United States, along with some groups of people from Venezuela. During this week, the bitcoin volume coming from Iran spiked to a new high. This past week, we saw a similar spike in Iranian bitcoin volume after Gunmen staged a deadly attack on a high-profile military parade in the southwest of Iran, killing 24 people and injuring at least 60.
The origin of the money behind the bitcoin volume is the most interesting part of the equation. If the volume is coming from regime leaders, then this would indicate that they are nervous as to their grip on power. On the other hand, if the money is coming from Iranian citizens who have stockpiled cash over time than we can assume that they also believe that more internal trouble is coming. In practical and monetary terms, the best way to ensure your money is not confiscated and can be retrieved in the future is to buy bitcoin, for digital currency such as bitcoin cannot be confiscated or traced by the government. In other words, today’s Crypto Currency accounts have replaced yesterday’s Swiss Bank accounts.
Irrespective of the origins of these bitcoin purchases, the fact that they are occurring simultaneously to Iranian upheavals proves to me that Iran is facing a tumultuous time ahead and in preparation for this turmoil money is flowing outwards towards digital safe-havens. Where will this leave Iran in the future? That is the million bitcoin question that we will have to follow in the weeks and months ahead.