With the rise of the dollar in Iran, the rial price of bitcoin is breaking records almost every day. Despite the relative stability of the dollar price of bitcoin, the price of each bitcoin unit has increased from less than 100 million tomans to more than 361 million tomans in one year.
Exclusive Digital Currency – The global price of Bitcoin has not reached the highest level in its history for almost three years, but the situation is completely different in Iran, Venezuela, Turkey, Argentina and Lebanon.
In December 2017, when the price of Bitcoin reached a significant increase of $ 20,000, each unit of this digital currency was traded at a price of about 85 million Tomans on Iranian exchange sites. Today, when the global price of Bitcoin is about $ 11,400, which is more than 40% lower than the peak, you have to pay more than 360 million Tomans to buy a bitcoin.
Breaking the Rial price of Bitcoin, which used to happen every few months, has now become a daily trend, and Bitcoin is becoming more valuable against the Rial every day than the day before. The price of this digital currency has increased from about 95 million tomans in the early days of 1999, without interruption, and now it has reached more than 360 million tomans. In fact, if you had bought Bitcoin seven months ago, on the day of the historic fall in the price of Bitcoin to the $ 3,000 channel, the rial value of your capital would have grown by about 400% today.
Bitcoin Rial Peaks
The rial price of bitcoin is affected by two factors; Bitcoin price against dollar (BTC / USD) and dollar price against Rial (USD / IRR). Multiplying these two numbers, the rial price of bitcoin is obtained, but in different exchanges, the price can be a little higher or lower. In less than a decade, the price of bitcoin in Iran has risen sharply in several periods. Here are some of these passages.
اردیبهشت 1390; 25,000 Tomans
In April 2011, the price of bitcoin was less than one dollar and the price of the dollar in the Tehran open market had slightly increased to 1,300 tomans. Thus, the price of each bitcoin was approximately equal to one thousand tomans. But a month later, when the price of Bitcoin reached $ 19, the price of Rials also reached 25,000 Tomans and set a new record. Of course, buying and selling bitcoin was not a common phenomenon in Iran at this time.
April 2013; 500,000 Tomans
During the year 91, the price of the dollar in Iran increased sharply from 1,500 tomans to about 3,500 tomans. During the same period, the price of bitcoin rose from $ 4 to $ 140. This simultaneous growth caused the Rial price of Bitcoin to reach about 500,000 Tomans at the beginning of 1992, with a large increase from 9,000 Tomans at the beginning of 1991, and thus experience a 55-fold jump in one year.
آذر ۱۳۹۲; 3,500,000 Tomans
In the second half of 1992, the price of the dollar fell and fell below 3,000 tomans. But the upward trend in the price of Bitcoin was so strong that for the first time it crossed $ 1,000 and the price of this digital currency in Rials became million for the first time and reached more than 3,500,000 Tomans.
آذر ۱۳۹۶; More than 80,000,000 Tomans
After the price peak in 1392, both the price of bitcoin and the price of the dollar stabilized for a long time, and the price of the rial did not reach a new ceiling for 4 years. But in 2017, there was a dramatic leap in the digital currency market, with the price of Bitcoin reaching 20,000. This caused the Rial price of this digital currency to reach more than 85,000,000 Tomans in December 1996. Since then, the dollar price of bitcoin has never reached $ 20,000, but the rial price continues to hit the record.
شهریور ۱۳۹۷; 92,000,000 Tomans
After December 1996, the dollar price of bitcoin fell sharply. Nine months later, in September 1997, although the digital currency had lost about two-thirds of its value, a sharp rise in the price of the dollar from 3,000 to more than 13,000 tomans pushed the rial price of bitcoin to its previous highs. Broken and reaches 92 million tomans.
تیر ۱۳۹۸; 190,000,000 Tomans
While the price of the dollar was almost stabilized in the channel of 13,000 Tomans, the dollar price of Bitcoin increased again and caused Bitcoin to break the record in Iran again and its price reached more than twice the previous record. On July 26, 1998, bitcoins were traded in Iranian exchange offices for more than 190,000,000 Tomans.
Fall 1399; More than 360,000,000 Tomans
The year 1999 coincided with a staggering rise in the price of the dollar from 13,000 to 31,000 tomans and at the same time a rise in the price of bitcoin from the channel of 4,000 to 11,000 dollars. The king of digital currencies, which was traded at prices less than 70 million Tomans in the few days left until the beginning of the solar year 1999, reached more than 360 million Tomans in October of the same year.
At the time of writing (October 14, 1999), bitcoins are traded at 363,000,000 Tomans in Iranian counterpart exchanges and in others at more than 365,000,000 Tomans.
What is the reason for the current uptrend?
As mentioned earlier, the rial price of bitcoin is affected by two factors; The dollar price of bitcoin and the price of the dollar against the rial. Naturally, the upward trend in the price of bitcoin in Iran is influenced by both factors.
Rising dollar price of bitcoin
Late last solar year, the global corona virus epidemic shocked financial markets. The precious metals market, such as gold and the world’s major stock exchanges, experienced a terrible collapse in less than a day. Bitcoin was no exception and fell to $ 3,000 for the first time since early 2019. But this digital currency quickly proved to be a tool for storing value. After this big drop, Bitcoin quickly recovered its price and entered a strong uptrend that is still going on. The dollar price of Bitcoin has multiplied in recent months, this price growth can be seen in the chart below.
Increase in the price of the dollar against the rial
In recent months, inflation, rising sanctions, and the political and economic situation in Iran in general have led to a sharp rise in the value of the dollar. The price of each US dollar bill, which had been fixed at 13,000 tomans for months, has grown rapidly over the past few months and has now reached more than 31,000 tomans. This price increase caused the Rial price of Bitcoin to increase even faster.
Bitcoin, the store of value in countries with high inflation
Bitcoin is often referred to as a convenient tool for storing value in times of global crisis. Although there have been many critics for this claim due to sharp price fluctuations, it has had acceptable performance value as a reserve, at least in a few countries. Due to the decentralization of Bitcoin and its independence from companies and governments, anyone can easily buy Bitcoin anywhere in the world and store it in their wallet for years, without the need for intermediaries, government and banks.
In addition to Iran, in other countries such as Venezuela, Argentina, Turkey, Lebanon, and Cuba, which are experiencing inflation, people are turning to bitcoin to store value in addition to gold and dollars.