Quote from: Yaunfitda on September 05, 2018, 11:23:08 PM

Quote from: RentGPU on September 05, 2018, 05:44:53 PM

Bitcoin hits $24000 in Iran after government recognizes cryptocurrency mining as an industry
Link for the news https://ambcrypto.com/bitcoin-btc-hits-24000-in-iran-after-government-recognizes-cryptocurrency-mining-as-an-industry/amp/

Check it

It has happened in Venezuela and Zimbabwe as well. You need to understand why Bitcoin is premium at those places. Its because they are in economic turmoil now. For Iran, I see that they are using bitcoin to circumvent the trade embargo imposed to them by US and the West. So its time for them other outlet similar to what Venezuela did, having Petro coins. Also you will also wonder, why they suddenly embrace crypto and make a sudden U-turn? Initially they said that they are totally against crypto and now they are changing their tunes? So don't be fooled by the premium price right now in Iran because there's a lot of thing going on from behind, besides you can't do arbitrage here if you are thinking of ways to make money.

Exactly. People of these countries are using Bitcoin to buy the things they need from neighboring countries and they are resorting to Bitcoin because either their local money is not accepted abroad or they have no real value at all just like what is happening in Venezuela right now. In the case of Iran, maybe some are also into speculations that is why this sudden rise of the Bitcoin price not anymore reflective of the realities in the bigger market. We can sell Bitcoin in Iran but the problem is that we could not use or bring the money out because of the embargo implemented by the international community though it can be slowly easing now. In this week's gloomy Bitcoin world, news like this can be like an inspiration.