Billion dollars worth of Bitcoin is coming to Iran.
Do you know that Iran has been one of the most welcoming countries of Bitcoin? It could even become the next major Bitcoin market especially now that the governor of the Central Bank of Iran Valiollah Seif officially announced last January during a national television interview that the US dollar will no longer be used within the country as a retiliation to the US President Donald Trump’s controversial temporary travel ban on certain countries including Iran.
US analyst John Ubele has said Bitcoin payments could revitalize Iran’s economy and add “many jobs” across the country.
In an interview with local news publication Tasnim News Agency, Ubele foresees “the possibility over the next few years of a few hundred mln or maybe a few bln dollars worth of Bitcoins and altcoins coming into the Iranian economy.”
“I believe there are many ways Bitcoin and altcoins could significantly help people, businesses and charities there. Businesses there could sell more goods and services internationally through the Internet because they could use Bitcoin as a payment system.”
In February, Iran formally stopped using the US dollar as its official currency. Speculation about the implications for Bitcoin followed, with experts noting that supply and access were nonetheless major hindrances to common consumers.
Ubele thus advocates services such as LocalBitcoins as an initial solution for increasing adoption.
“I think everyone should have a little bit of their savings in Bitcoin. Even if they only own $10 worth of it, it’s something.”
Echoing positive sentiment on Bitcoin’s future value, Ubele considers the potential for a price per coin between $5,000 and $10,000 “within the next five to 10 years.”