People wants to have alternative way to get out of inflation or currency problem.
maybe those people thinks that bitcoin is the way to get out of the problem.
IF that happens to IRAN it will happen to the world. We dont know why they still producing FIAT unlimited times.
Topic: Bitcoin Hits $24,000 In Iran (Read 1689 times)
I think this is a great thing. The $ 24,000 bitcoin price in Iran will help investors confidently invest in bitcoins. It makes the electronic money market come back. Bitcoin prices in other countries also increased.
this is good news, and indeed investors will be aroused by this news. this will have a massive effect on cryptocurrency price movements. of course, for those who hold a BTC, they will be more patient in waiting for price Perhaps mining in Iran is very profitable!
Shame that no one out of Iran cannot access those iranian exchanges to sell BTC for such amount.
I think this is a great thing. The $ 24,000 bitcoin price in Iran will help investors confidently invest in bitcoins. It makes the electronic money market come back. Bitcoin prices in other countries also increased.
I have been seen this news through my local news media and i thought it was fake but apparently this looks valid news that after fews days ago Iran government decide oke for bitcoin mining then bitcoin price rapidly increase in that country but i wish this is good for general because i'm pretty sure people expect this price hapenned globally not only in Iran
This is something else I think it will not be in US dollars in Iran as we know that current price is 6225 US dollar so it is not a permanent value and we are waiting for the price to go high. It will go high once again when we avoid some mistakes we perform by stopping to sell in low market and to invest in the current market much more so this will increase the demand rate and price will increase itself. 
I have been seen this news through my local news media and i thought it was fake but apparently this looks valid news that after fews days ago Iran government decide oke for bitcoin mining then bitcoin price rapidly increase in that country but i wish this is good for general because i'm pretty sure people expect this price hapenned globally not only in Iran
This is definitely a very old news, the price difference of BTC is very small in the world!
There are many people in the world who are staring at the price of BTC. If there is an abnormality, there will be many people trading!
Due to economic sanctions imposed by the United States, cryptocurrencies will be widely promoted in Iran!
There are many people in the world who are staring at the price of BTC. If there is an abnormality, there will be many people trading!
Due to economic sanctions imposed by the United States, cryptocurrencies will be widely promoted in Iran!
It is not possible for bitcoin to be that extremely high in one country and low in other countries. The exchangers that operate in Iran are they just strictly for Iran citizens? What is the link to those exchangers?
I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.
Yes it could be done but seems it will be really hard cause of the embargo by the US. I dont think you could even move a dollar into iran and seems like US will think another way to block transaction from iran evem though they using bitcoin or any other crypto to make outside transactions.i think the odds of having a friend in Iran and trying to send btc there is absurd and wanting to transfer funds to a country with dollar transaction problem is really unlogical, even this is true, i think it is advantageous to iranians only, we dont want to have a case of money laundering in the international scene.
Flactuations happens. There is no two ways about it. In my country we had foreign exchange problems as well so even tho bitcoin worth $7.2k (at the time) we had it at $6.8k or so, which we of course took advantage and bought as many as possible until the next day when the price went back to $7.2k and we sold and made ton of profit. This type of stuff happens all the time, just wait it out and the price will go back down in iran as well, short it in iran if you can, that would make it a lot better, sell for $24k if you can and when it goes back down you will be capable of buying 4 times the amount right away thanks to it.
I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.
Most times, it is going to be restricted within the country since it would only be based on local exchanges anyway, and if there could have been a way to go the arbitrage way, I am sure it would not have ended up being up to that level and could have also affected bitcoin in general.We have had incidents like this in the past with bitcoin in Zimbabwe hitting a higher value than the global value but since the government had some sanctions against international transfers, it would be hard for anyone outside to lay hands on their funds. I still do not know why this news is actually not reflecting with the price of bitcoin against Iranian Rial as $24k and I am still seeing the same thing.
I know with the economic situation that Iran is going through and the quick way of trying to curtail that will make the price of bitcoin and the demand for it within this region to soar high but from the look of things I really do not see this news being real until maybe I am able to see how the local exchanges are faring in this matter and the price listed on them.
Bitcoin hits $24,000 in Iran after the Iranian Government okays mining. This will be great news for the citizens as a way of keeping the economy alive and avoiding the sanction from the USA. It is also boost bitcoin confidence. Link here
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
Then bitcoin should be up by this time because of this news. Be ready for the massive pump that will occur any day of this month. Buy now guys fill your bags. https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
Iran is a religious country, with mining being implemented there, of course this is good news, even though we don't know about the authenticity of the news. But with Iran looking to focus now on bitcoin to maintain the economic stability of their country, then if it becomes a reality if Iran will grow the economy well from bitcoin mining, it is not impossible that many other countries will follow in their footsteps. This will certainly grow the growth and development of bitcoin to become more rapid and may be consistent.
I am not sure whether mining is the reason behind the price rise. The national currency (Iranian Rial) has lost a lot of its value after the Trump administration imposed sanctions on that country. The people are rushing to convert their fiat to other assets.
Bitcoin hits $24,000 in Iran after the Iranian Government okays mining. This will be great news for the citizens as a way of keeping the economy alive and avoiding the sanction from the USA. It is also boost bitcoin confidence. Link here
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
Good news for Iran people, their government legally and support Bitcoin activities. We are seen now, Bitcoin are supports people to have better life without doing illegal activities. Many business can be supported by Bitcoin such as hotel, tour, online trading, etc. If Iran government can more support on this, surely will support Bitcoin soar in the market. https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
I think it has become the beginning of a price increase as in 2017 yesterday the price of bitcoin prices reached a price of $ 20k in several other countries which eventually made the price of bitcoin prices expensive.
isn't that old news?
Well the date on the article is today, so it doesn't look like old news.However, I question it's accuracy. I don't know if foreigners can join that exchange (EXIR), but that would be one hell of an arbitrage opportunity if they could. But to me it sounds like the Mt. Gox situation, where one exchange (Mt. Gox) was extremely risky and had the highest bitcoin price out of all of them.
I do think it's great that Iran is apparently so into bitcoin. As much as I'm called a racist on this forum, I do want bitcoin to be used worldwide--all races, all religions, all peoples. I'm not a big fan of middle eastern politics, but it's great that bitcoin is popular there.
I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.
Edit: I've read the story and the comments and it looks like the 24k price is incorrect. Any proper news agency would apologize and correct that kind of article...
https://localbitcoins.com/country/IR it is currently trading at least at around 891,756,020 iranian rial which if you convert to USD, is about that amount.
The problem is that you use official rates for the usd to rial.
https://www.reuters.com/article/us-iran-economy-rial/iran-rial-hits-record-low-around-150000-against-dollar-fx-websites-idUSKCN1LL0RG
Quote
The dollar was being offered at 140,000 rials, compared to the record low of 150,000 rials earlier on Wednesday, according to the website Bonbast.com, which tracks the unofficial market. The website bazar360.com quoted 139,000. Mesghal.online gave an exchange rate of 141,940.
At 150 000 :1 900 millions rials means exactly 6000$.
isn't that old news?
Well the date on the article is today, so it doesn't look like old news.However, I question it's accuracy. I don't know if foreigners can join that exchange (EXIR), but that would be one hell of an arbitrage opportunity if they could. But to me it sounds like the Mt. Gox situation, where one exchange (Mt. Gox) was extremely risky and had the highest bitcoin price out of all of them.
I do think it's great that Iran is apparently so into bitcoin. As much as I'm called a racist on this forum, I do want bitcoin to be used worldwide--all races, all religions, all peoples. I'm not a big fan of middle eastern politics, but it's great that bitcoin is popular there.
Bitcoin hits $24,000 in Iran after the Iranian Government okays mining. This will be great news for the citizens as a way of keeping the economy alive and avoiding the sanction from the USA. It is also boost bitcoin confidence. Link here
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
It looks like somebody at the press agency messed up with comma (and maybe currency conversion).
According to the sources in comments there is rather one bitcoin for approximately $2,400 after conversion. However, it also makes an opportunity for arbitrage. I found the comment under the article that the price on an exchange was actually in a whole different currency called toman and Americans thought it was in IRR and misinterpreted the whole thing. Maybe I didn't get it right, but it was somehow related to that and the fact of official exchange rate from usd to irr being far from real.
In the previous years Bitcoin even hit around 50,000 $ in Venezuela. so it doesn't makes senses if it hits 24,000 $ in iran now. Countries with US SANCTION MAY BE USE CASE OF CRYPTO CURRENCIES.
I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.
This doesn’t look like temporary hike in the Iran be sure the prices are like more than 4x the prices of international market and thus making me think how is that even possible. Arbitrage trading may be possible with the sites like localbitcoins becaus they do offer us international trades. The only concerning thing that left us out of this trade is whether Iranian is able to send us money over the borders or not. That will need huge trust and then only it can work.
USD is not allowed to free rate trade in Iran, static value by the governor. Its on the blackmarkets, its very hard to convertiing the assets there at the moment.
How they make realize the profit dont know.
How they make realize the profit dont know.
They should really make a correction as fast as they could with this article.
Or else, it would give them a problem and might be the reason for the website to be shut down.
For those saying it was an old news. It is not. From this date Sept 6, 2018. It was posted 14 hours ago.
Here is one of the comment from one of the trader in Iran.
There could be a typo error or maybe it is the side of the exchange who made it wrong.
It is said to be $2417 only. So add another number and it could look like 24k USD
Or else, it would give them a problem and might be the reason for the website to be shut down.
For those saying it was an old news. It is not. From this date Sept 6, 2018. It was posted 14 hours ago.
Here is one of the comment from one of the trader in Iran.
Quote
1 USD = 14,000 Toman OR 140,000 Rial in the black market. EXIR's tweet is showing the price in Toman so 1 BTC would be roughly the same as the international price and there is no arbitrage.
The problem is that people get their USD-IRR exchange rate from Google which is Iran's official exchange rate that pretty much is meaningless. The exchange rate at the moment between USD and IRR or Toman is what I posted earlier.
The problem is that people get their USD-IRR exchange rate from Google which is Iran's official exchange rate that pretty much is meaningless. The exchange rate at the moment between USD and IRR or Toman is what I posted earlier.
There could be a typo error or maybe it is the side of the exchange who made it wrong.
It is said to be $2417 only. So add another number and it could look like 24k USD
I think this is just a junk, as the bitcoin price is more than $ 6k4 while in iran will be $ 24k beyond the BTC peak in 2017. I do not believe what you say but I'm hoping at the end of the year BTC will touch $ 10k mark.
Venezuela, Turkey, Iran, who is next? Very interesting events occur in countries under US sanctions.- The governments of these countries recognize bitcoin and other crypto.
I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.
This would be either temporary, either some smart Iranians will do that arbitrage until the price evens - more or less.
Interesting is the timing. Unless this is old news, it's surprising that Bitcoin spikes in Iran while it falls badly in the rest of the world (although this should be temporary too, I hope).
Edit: I've read the story and the comments and it looks like the 24k price is incorrect. Any proper news agency would apologize and correct that kind of article...
I believe that this is only temporary because if not,for sure all of the bitcoin holder will go to iran to have this great fortune lol,imagine the price internationally is multiplied by four in iran ,this is a once in a lifetime experience or chances to be a rich individual ..
Would you mind to update us if this price growth continues or stopped by now,thanks
For those claiming arbitrage potential and errors with decimal places, let me dispel that with a scenario:
Let's say you own 1 Bitcoin, and you sold it in Iran so you could earn from arbitrage. Localbitcoins says the rate per Bitcoin is currently 874,755,539.52 IRR, so let's say you ended up with 875m IRR.
Official exchanges say that you can buy $1 for 41,970.80 IRR. That would net you a whopping ~$21k! You've more than tripled your money! Mission accomplished, right?
Well no. Official exchanges are unlikely to sell you any USD because of economic and political reasons. So you're now stuck with a rapidly devaluing IRR.
If you really want to convert IRR to USD, you have to use unofficial exchanges, which offer a $1 for 140k IRR rate. If we use that instead, you're only going to end up with ~$6k, which is just about what Bitcoin is normally worth. The whole process will be pointless.
I hope people read this lol.
Let's say you own 1 Bitcoin, and you sold it in Iran so you could earn from arbitrage. Localbitcoins says the rate per Bitcoin is currently 874,755,539.52 IRR, so let's say you ended up with 875m IRR.
Official exchanges say that you can buy $1 for 41,970.80 IRR. That would net you a whopping ~$21k! You've more than tripled your money! Mission accomplished, right?
Well no. Official exchanges are unlikely to sell you any USD because of economic and political reasons. So you're now stuck with a rapidly devaluing IRR.
If you really want to convert IRR to USD, you have to use unofficial exchanges, which offer a $1 for 140k IRR rate. If we use that instead, you're only going to end up with ~$6k, which is just about what Bitcoin is normally worth. The whole process will be pointless.
I hope people read this lol.
Great explanation! I just want to add a few words for those who still have doubts about what really happened.
A situation as described in the quoted post is pretty normal for isolated countries. For example in the former Soviet Union when the official exchange rate was 0.6 Ruble for 1 USD no one would sell you 1 USD for that price. It was possible to buy USD on the black market, but the price was 4 Rubles for 1 USD. In North Korea the official exchange rate is 100 North Korean Won for 1 USD, while a black market rate is over 8,000 NKW for 1 Dollar. And so on.
So, the information in the OP's article and especially its title is nothing more than an astute manipulation of facts.
I think it's good for the future, so far bitcoin has helped a lot in financial matters, so I hope Iran will become a developing country in the future, then the economy will start to be stable and the impact will look good.
For those claiming arbitrage potential and errors with decimal places, let me dispel that with a scenario:
Let's say you own 1 Bitcoin, and you sold it in Iran so you could earn from arbitrage. Localbitcoins says the rate per Bitcoin is currently 874,755,539.52 IRR, so let's say you ended up with 875m IRR.
Official exchanges say that you can buy $1 for 41,970.80 IRR. That would net you a whopping ~$21k! You've more than tripled your money! Mission accomplished, right?
Well no. Official exchanges are unlikely to sell you any USD because of economic and political reasons. So you're now stuck with a rapidly devaluing IRR.
If you really want to convert IRR to USD, you have to use unofficial exchanges, which offer a $1 for 140k IRR rate. If we use that instead, you're only going to end up with ~$6k, which is just about what Bitcoin is normally worth. The whole process will be pointless.
I hope people read this lol.
Thanks for the clarification. Why was it necessary to publish false news with such a populist news portal? How did it slip past the editors? Let's say you own 1 Bitcoin, and you sold it in Iran so you could earn from arbitrage. Localbitcoins says the rate per Bitcoin is currently 874,755,539.52 IRR, so let's say you ended up with 875m IRR.
Official exchanges say that you can buy $1 for 41,970.80 IRR. That would net you a whopping ~$21k! You've more than tripled your money! Mission accomplished, right?
Well no. Official exchanges are unlikely to sell you any USD because of economic and political reasons. So you're now stuck with a rapidly devaluing IRR.
If you really want to convert IRR to USD, you have to use unofficial exchanges, which offer a $1 for 140k IRR rate. If we use that instead, you're only going to end up with ~$6k, which is just about what Bitcoin is normally worth. The whole process will be pointless.
I hope people read this lol.
the news does not affect the price of bitcoin in general, even now the price of bitcoin is decreasing. I guess that's just fake news
Am I the only guy who immediately though on how to sell BTC on the EXIR exchange? $24k for one BTC is something that cannot be ignored.
Going back on topic, I think this is good news for crypto in general and for people who are feeling alarming inflation rates. It seems BTC can also protect people's savings.
$24k for one BTC is something that cannot be ignored.Going back on topic, I think this is good news for crypto in general and for people who are feeling alarming inflation rates. It seems BTC can also protect people's savings.
okay but for how long will it protect their savings. most likely exchange will shut down or transfer will be slow if too many people start using it to arb. I guess it's a good news that bitcoin is getting more acceptance from different countries to the point that they're using it as safe haven. can't be bad for investors and hodlers alike.
https://steemit.com/bitcoin/@hassan679/bitcoin-hits-usd35-000-in-iran-after-government-accepts-crypto-mining-as-a-legitimate-industry
On a steemit post (link above) it is stated that price went as high as $35,000 in the country before settling at $22,000. Ethereum traded $900 at thesame time according data from Cryptocompare. The prices rose after Iranian government permitted the mining of Cryptocurrency in the country.
Isn't it strange that such a development from Iran did not affect the general price of Bitcoin and altcoin positively. What a market!
On a steemit post (link above) it is stated that price went as high as $35,000 in the country before settling at $22,000. Ethereum traded $900 at thesame time according data from Cryptocompare. The prices rose after Iranian government permitted the mining of Cryptocurrency in the country.
Isn't it strange that such a development from Iran did not affect the general price of Bitcoin and altcoin positively. What a market!
How could a $24,000 bitcoin happened in Iran without any good movement of bitcoin in the crypto market? I think the news is not legit. If so, I hope the the jump of bitcoin in Iran could affect this bearish market.
Bitcoin hits $24,000 in Iran after the Iranian Government okays mining. This will be great news for the citizens as a way of keeping the economy alive and avoiding the sanction from the USA. It is also boost bitcoin confidence. Link here
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
I think it only uses articles, only makes opinions, if it really happens in Iran, what about other countries?https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
Of course everything must go together if it reaches $ 24,000, but the reality is that it hasn't gone up until now.
Reading the article, I felt I was outdated in the news like I didn't know that the value of bitcoin can differ to other countries, how can it be possibly? It's totally absurd to think.
I found this link in the comments on article, though I'm not sure of its authenticity, the link is all about their local bitcoin exchange and the numbers are really overwhelming.
https://localbitcoins.com/country/IR
Even my neurons can't absorb this news.
I found this link in the comments on article, though I'm not sure of its authenticity, the link is all about their local bitcoin exchange and the numbers are really overwhelming.
https://localbitcoins.com/country/IR
Even my neurons can't absorb this news.
Its too high because it depends on the value of their Fiat currency. But if I am going to convert it into my country currency its almost the same at
the present value of Bitcoin. Or it could be an fake only but I'm not about it.
-snip-
What the hell lol that was so confusing. So they basically have a black market for USD like Venezuela does? Wouldn't this scenario offer a massive profit opportunity for Iranians? Or it at least does on first glance. It'll only work if the official exchanges let you buy USD, which I doubt.
Of course, they do...
Every 3rd world country that starts buying bitcoins suddenly has a black market with pretty steep prices...
It's the norm nowadays
For those claiming arbitrage potential and errors with decimal places, let me dispel that with a scenario:
Let's say you own 1 Bitcoin, and you sold it in Iran so you could earn from arbitrage. Localbitcoins says the rate per Bitcoin is currently 874,755,539.52 IRR, so let's say you ended up with 875m IRR.
Official exchanges say that you can buy $1 for 41,970.80 IRR. That would net you a whopping ~$21k! You've more than tripled your money! Mission accomplished, right?
Well no. Official exchanges are unlikely to sell you any USD because of economic and political reasons. So you're now stuck with a rapidly devaluing IRR.
If you really want to convert IRR to USD, you have to use unofficial exchanges, which offer a $1 for 140k IRR rate. If we use that instead, you're only going to end up with ~$6k, which is just about what Bitcoin is normally worth. The whole process will be pointless.
I hope people read this lol.
Let's say you own 1 Bitcoin, and you sold it in Iran so you could earn from arbitrage. Localbitcoins says the rate per Bitcoin is currently 874,755,539.52 IRR, so let's say you ended up with 875m IRR.
Official exchanges say that you can buy $1 for 41,970.80 IRR. That would net you a whopping ~$21k! You've more than tripled your money! Mission accomplished, right?
Well no. Official exchanges are unlikely to sell you any USD because of economic and political reasons. So you're now stuck with a rapidly devaluing IRR.
If you really want to convert IRR to USD, you have to use unofficial exchanges, which offer a $1 for 140k IRR rate. If we use that instead, you're only going to end up with ~$6k, which is just about what Bitcoin is normally worth. The whole process will be pointless.
I hope people read this lol.
Yeah, I hope that too
Nice explanation, but crunching the numbers it seems that if we take the highest rates on the black market for the rial: usd, the price of bitcoin is actually right now a bit lower than the rest of the world!
Journalism is dead! Clearly!
Unfortunately there is no regulation in the crypto media because I am sure the article itself is borne out of shady and lazy journalism of a blogger who sits behind the computer to dish out content with the sole purpose of attracting traffic. That is the motive and nothing else.
Clicks are money. That's all it matters. The more you blow something out of proportion the more clicks and satoshi you make.
Remember the whole Samsung fiasco?
I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.
This would be either temporary, either some smart Iranians will do that arbitrage until the price evens - more or less.
Interesting is the timing. Unless this is old news, it's surprising that Bitcoin spikes in Iran while it falls badly in the rest of the world (although this should be temporary too, I hope).
Edit: I've read the story and the comments and it looks like the 24k price is incorrect. Any proper news agency would apologize and correct that kind of article...
First thing I do when I see topics of thread with controversial subject like this coming at this time when the whole market is still trying to recover from the crash of over $1,000 that has happened in the past few days (above $7,000+ to now $6,000+). and now its just giving some unimaginably hope. Unfortunately there is no regulation in the crypto media because I am sure the article itself is borne out of shady and lazy journalism of a blogger who sits behind the computer to dish out content with the sole purpose of attracting traffic. That is the motive and nothing else.
For those claiming arbitrage potential and errors with decimal places, let me dispel that with a scenario:
Let's say you own 1 Bitcoin, and you sold it in Iran so you could earn from arbitrage. Localbitcoins says the rate per Bitcoin is currently 874,755,539.52 IRR, so let's say you ended up with 875m IRR.
Official exchanges say that you can buy $1 for 41,970.80 IRR. That would net you a whopping ~$21k! You've more than tripled your money! Mission accomplished, right?
Well no. Official exchanges are unlikely to sell you any USD because of economic and political reasons. So you're now stuck with a rapidly devaluing IRR.
If you really want to convert IRR to USD, you have to use unofficial exchanges, which offer a $1 for 140k IRR rate. If we use that instead, you're only going to end up with ~$6k, which is just about what Bitcoin is normally worth. The whole process will be pointless.
I hope people read this lol.
Let's say you own 1 Bitcoin, and you sold it in Iran so you could earn from arbitrage. Localbitcoins says the rate per Bitcoin is currently 874,755,539.52 IRR, so let's say you ended up with 875m IRR.
Official exchanges say that you can buy $1 for 41,970.80 IRR. That would net you a whopping ~$21k! You've more than tripled your money! Mission accomplished, right?
Well no. Official exchanges are unlikely to sell you any USD because of economic and political reasons. So you're now stuck with a rapidly devaluing IRR.
If you really want to convert IRR to USD, you have to use unofficial exchanges, which offer a $1 for 140k IRR rate. If we use that instead, you're only going to end up with ~$6k, which is just about what Bitcoin is normally worth. The whole process will be pointless.
I hope people read this lol.
You have done a good analysis here which means the $24,000 claim is really a form of deceits and the greedy ones are actually going round looking for ways for them to sell their coins over there without taking into consideration on how it would be converted to bitcoin and for them to buy the same bitcoin over there, you will be paying above the amount you sold it for.
For those claiming arbitrage potential and errors with decimal places, let me dispel that with a scenario:
Let's say you own 1 Bitcoin, and you sold it in Iran so you could earn from arbitrage. Localbitcoins says the rate per Bitcoin is currently 874,755,539.52 IRR, so let's say you ended up with 875m IRR.
Official exchanges say that you can buy $1 for 41,970.80 IRR. That would net you a whopping ~$21k! You've more than tripled your money! Mission accomplished, right?
Well no. Official exchanges are unlikely to sell you any USD because of economic and political reasons. So you're now stuck with a rapidly devaluing IRR.
If you really want to convert IRR to USD, you have to use unofficial exchanges, which offer a $1 for 140k IRR rate. If we use that instead, you're only going to end up with ~$6k, which is just about what Bitcoin is normally worth. The whole process will be pointless.
I hope people read this lol.
Let's say you own 1 Bitcoin, and you sold it in Iran so you could earn from arbitrage. Localbitcoins says the rate per Bitcoin is currently 874,755,539.52 IRR, so let's say you ended up with 875m IRR.
Official exchanges say that you can buy $1 for 41,970.80 IRR. That would net you a whopping ~$21k! You've more than tripled your money! Mission accomplished, right?
Well no. Official exchanges are unlikely to sell you any USD because of economic and political reasons. So you're now stuck with a rapidly devaluing IRR.
If you really want to convert IRR to USD, you have to use unofficial exchanges, which offer a $1 for 140k IRR rate. If we use that instead, you're only going to end up with ~$6k, which is just about what Bitcoin is normally worth. The whole process will be pointless.
I hope people read this lol.
Reading the article, I felt I was outdated in the news like I didn't know that the value of bitcoin can differ to other countries, how can it be possibly? It's totally absurd to think.
That price of bitcoin there is made possible because of the massive increase in the inflation rate of their national currency, IRR.I don't think it even hit close to $20k, but rather $2k, since it was only 101,800,000 rial recorded on their exchange.
If that is the case, then its value would be approximately 2417.77$ but it is still absurd because of the discounted selling price. It is still sitting in a good price to do arbitrage trading IMO by buying there in Iran and selling it on international exchanges. It would be a lot easier to move those funds rather than selling there. 
I don't think it even hit close to $20k, but rather $2k, since it was only 101,800,000 rial recorded on their exchange. My take, someone must have been awful at their math class on their junior high or is trying to sensationalize the said news for some personal gains. It doesn't seem to be making sense as to why would Iranians buy bitcoin at that rate when the rest of the world is selling @ $7000 and lower. I'm pretty sure if that really is the case, they would try and arbitrage as hard as they could to gain more from the opportunity, but in reality, nothing special happened in Iran.
-snip-
What the hell lol that was so confusing. So they basically have a black market for USD like Venezuela does? Wouldn't this scenario offer a massive profit opportunity for Iranians? Or it at least does on first glance. It'll only work if the official exchanges let you buy USD, which I doubt.
Bitcoin hits $24,000 in Iran after the Iranian Government okays mining. This will be great news for the citizens as a way of keeping the economy alive and avoiding the sanction from the USA. It is also boost bitcoin confidence. Link here
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
wow that is good news for all crypto fans, every time, one country allows bitcoin. then I am very sure bitcoin will explode. because indeed the economy will be greatly helped by the existence of this bitcoin. https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
Good jobs bitcoin hits $24,000 in Iran if it is true I think there is a big helped to introduced in all over the countries which is bitcoin a big factor for the income purposes from the people.The investors and the government will engaged of this programs.
I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.
Yes it could be done but seems it will be really hard cause of the embargo by the US. I dont think you could even move a dollar into iran and seems like US will think another way to block transaction from iran evem though they using bitcoin or any other crypto to make outside transactions.Yep no way to arbitrage anyway unless you deal with cash and have the right connections.
I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.
Yes it could be done but seems it will be really hard cause of the embargo by the US. I dont think you could even move a dollar into iran and seems like US will think another way to block transaction from iran evem though they using bitcoin or any other crypto to make outside transactions. 
I see a lot of people being confused by the btc 'ATH' in iran.
An radical increase in price like this can have two causes:
1) The tradeable asset's value is sharply increasing or
2) The currency the asset is traded against is sharply losing value.
In iran, currently 2) is the case.
This does mean that people in iran who hold bitcoin, did NOT get rich quick. It means they have kept the value stable, while the others have lost a lot of their value.
An radical increase in price like this can have two causes:
1) The tradeable asset's value is sharply increasing or
2) The currency the asset is traded against is sharply losing value.
In iran, currently 2) is the case.
This does mean that people in iran who hold bitcoin, did NOT get rich quick. It means they have kept the value stable, while the others have lost a lot of their value.
Am I the only guy who immediately though on how to sell BTC on the EXIR exchange? $24k for one BTC is something that cannot be ignored.
Going back on topic, I think this is good news for crypto in general and for people who are feeling alarming inflation rates. It seems BTC can also protect people's savings.
$24k for one BTC is something that cannot be ignored.Going back on topic, I think this is good news for crypto in general and for people who are feeling alarming inflation rates. It seems BTC can also protect people's savings.
I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.
This would be either temporary, either some smart Iranians will do that arbitrage until the price evens - more or less.
Interesting is the timing. Unless this is old news, it's surprising that Bitcoin spikes in Iran while it falls badly in the rest of the world (although this should be temporary too, I hope).
Edit: I've read the story and the comments and it looks like the 24k price is incorrect. Any proper news agency would apologize and correct that kind of article...
Seems like a hype news or it happened on thier locaL exchange. Sooner or later bitcoin price will stabilize.If its true, its just temporary, its a big difference outside here that Bitcoin price is nearing $6,000. Mny news outlet got this news, its a good hype, but still Bitcoin is hard to push right now. LOL
I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.
Edit: I've read the story and the comments and it looks like the 24k price is incorrect. Any proper news agency would apologize and correct that kind of article...
https://localbitcoins.com/country/IR it is currently trading at least at around 891,756,020 iranian rial which if you convert to USD, is about that amount.
The problem is that you use official rates for the usd to rial.
https://www.reuters.com/article/us-iran-economy-rial/iran-rial-hits-record-low-around-150000-against-dollar-fx-websites-idUSKCN1LL0RG
Quote
The dollar was being offered at 140,000 rials, compared to the record low of 150,000 rials earlier on Wednesday, according to the website Bonbast.com, which tracks the unofficial market. The website bazar360.com quoted 139,000. Mesghal.online gave an exchange rate of 141,940.
At 150 000 :1 900 millions rials means exactly 6000$.
I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.
Edit: I've read the story and the comments and it looks like the 24k price is incorrect. Any proper news agency would apologize and correct that kind of article...
https://localbitcoins.com/country/IR it is currently trading at least at around 891,756,020 iranian rial which if you convert to USD, is about that amount.
At least for those who are ready to buy, they are willing to go for as much as 836,382,814.45 IRR. Unless there is a way wire transfer is working in Iran, I am not sure there is a way one will be able to take advantage of this in the arbitrage perspective. Although, I got a glimpse of this article online while trying to search for the current foreign exchange policies in Iran online
Iran has announced a relaxation of foreign exchange rules intended to counter US sanctions targeting cars, gold and metals, which come into force on Monday.
The Central Bank of Iran announced measures on Sunday to allocate subsidised hard currency, including US dollars and euros, for trading in basic commodities and pharmaceuticals, and to allow unlimited inflows of such currencies, as well as gold, without taxation.
The bank will also reopen the currency markets after a crackdown lasting months which prohibited exchange offices from buying or selling hard currencies. This will allow importers of non-essential goods to gain access to the hard currency brought into the country by exporters with exchange rates determined in the open market.
“We are in conditions similar to an economic war . . . [but] I want to say that on the day that you [the US] are imposing sanctions on us, we are opening up our markets,” Abdolnaser Hemmati, central bank governor, said on state television. “I tell the people that our economic situation is very good and our foreign exchange balance is good.”
Probably, since they are opened to the world, there should be a way to do transactions with those who may be willing to buy. The Central Bank of Iran announced measures on Sunday to allocate subsidised hard currency, including US dollars and euros, for trading in basic commodities and pharmaceuticals, and to allow unlimited inflows of such currencies, as well as gold, without taxation.
The bank will also reopen the currency markets after a crackdown lasting months which prohibited exchange offices from buying or selling hard currencies. This will allow importers of non-essential goods to gain access to the hard currency brought into the country by exporters with exchange rates determined in the open market.
“We are in conditions similar to an economic war . . . [but] I want to say that on the day that you [the US] are imposing sanctions on us, we are opening up our markets,” Abdolnaser Hemmati, central bank governor, said on state television. “I tell the people that our economic situation is very good and our foreign exchange balance is good.”
Bitcoin hits $24,000 in Iran after the Iranian Government okays mining. This will be great news for the citizens as a way of keeping the economy alive and avoiding the sanction from the USA. It is also boost bitcoin confidence. Link here
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
I had to use google to verify this news, and it seems that many local media publications have published this story. This situation has been caused due to the actions taken by USA, it's a logical decision Iran's currency is weakening against USD, bitcoins shall boost their economy.
It's also stated that the spike happened on few exchanges, which makes me feel it's a ploy by the exchanges to sell bitcoins at higher price.
This unusual price hike reminds of the time when Bitcoins were being sold in India for a premium, I don't think the price hike will last long though.
Link: https://ambcrypto.com/bitcoin-btc-hits-24000-in-iran-after-government-recognizes-cryptocurrency-mining-as-an-industry/
Reading the article, I felt I was outdated in the news like I didn't know that the value of bitcoin can differ to other countries, how can it be possibly? It's totally absurd to think.
I found this link in the comments on article, though I'm not sure of its authenticity, the link is all about their local bitcoin exchange and the numbers are really overwhelming.
https://localbitcoins.com/country/IR
Even my neurons can't absorb this news.
I found this link in the comments on article, though I'm not sure of its authenticity, the link is all about their local bitcoin exchange and the numbers are really overwhelming.
https://localbitcoins.com/country/IR
Even my neurons can't absorb this news.
I hope that with this kind of conversion it could help the Iran communities to rebuild their fallen city as well as their hopes in making peace to other countries.
Bitcoin hits $24,000 in Iran after the Iranian Government okays mining. This will be great news for the citizens as a way of keeping the economy alive and avoiding the sanction from the USA. It is also boost bitcoin confidence. Link here
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
It looks like somebody at the press agency messed up with comma (and maybe currency conversion).
According to the sources in comments there is rather one bitcoin for approximately $2,400 after conversion. However, it also makes an opportunity for arbitrage. 
isn't that old news? I see the price range is so far from 6,000 to 20,000 dollars, it's weird if only there bitcoin is sold as expensive as that
I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.
This would be either temporary, either some smart Iranians will do that arbitrage until the price evens - more or less.
Interesting is the timing. Unless this is old news, it's surprising that Bitcoin spikes in Iran while it falls badly in the rest of the world (although this should be temporary too, I hope).
Edit: I've read the story and the comments and it looks like the 24k price is incorrect. Any proper news agency would apologize and correct that kind of article...
I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.
Bitcoin hits $24,000 in Iran after the Iranian Government okays mining. This will be great news for the citizens as a way of keeping the economy alive and avoiding the sanction from the USA. It is also boost bitcoin confidence. Link here
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
https://news.bitcoin.com/bitcoin-hits-24000-in-iran-after-government-okays-mining/
Jump to: