Quote from: moriskarlov on September 06, 2018, 06:46:45 AM

The worlds most expensive bitcoin core (BTC) price is in Iran. A combination of high foreign currency demand, economic sanctions and an improved regulatory environment with some speculation have sent the price of the leading digital currency skywards. How high can it go?

Falling Rial, New Policy Spur Iran Bitcoin Bull Market

The price of BTC in Iran rose sharply on Wednesday after the government of President Hassan Rouhani approved plans to mainstream bitcoin mining and as the local currency nosedived.

BTC hit a world record $24,000 on the Iranian exchange EXIR, eclipsing its previous high of $20,000, as investors piled into the digital currency in search of a safe haven against the falling rial.

EXIR tweeted that bitcoin bull markets already started in Iran as rial price goes down against USD. The rial is trading at around 138,000 against the US dollar on the streets of Tehran, according to a Reuters report, about 230 percent above the official rate of around 42,000.

See more - https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/

I'd say that most of this is still caused by the fact that there is a huge demand for foreign currency, and the local currency itself is quite illiquid.

I'm not familiar with the currency of Iran, but I'm definitely assuming that there are some sort of capital control involved. Otherwise, the prices would not be so artificially high.

Essentially, what this price is suggesting to us is that Iranians are now using bitcoin as a tool to get their wealth out of the country's fiat currency, or even just buying bitcoin itself to store their wealth most likely because of their dwindling trust in the government's fiat. Would be interesting to see how many real adopters there are, though.