New data provides unprecedented information on how Iranians use Bitcoin

Bitcoin with Iranian flag painted over on black background/Iran USA conflict concept

Of 1,650 Iranian bitcoiners surveyed in Persian Telegram groups, 25 percent earned between $ 500 to $ 3,000 per month when working with cryptocurrencies, according to a survey by the Gate Trade analysis firm.

These data offer an exclusive glimpse into the evolution of the Iranian bitcoin community, and so far it seems that the classic “value deposit” investment thesis may contain the thesis of investing safely.

More than a third of respondents, 35 percent, earned that income from mining, while 58 percent earned income through trade, both through exchange platforms and local networks of local money changers that provide liquidity with Iranian rials.

The survey indicated strong growth in the national mining industry, with 70 percent of respondents expressing interest in learning more about local mining companies.

The Iranian crypto market is shifting its dominant focus from global exchange platforms to local and mining exchanges, because most centralized exchanges with its client’s knowledge compliance (KYC) exclude Iranians. Approximately 83 percent of respondents said the community needed stronger access to exchanges to grow.

Meanwhile, a spokesman for Gate Trade reported that many Iranians are using VPNs and buying foreign identification cards on the black market to avoid discrimination.

Bitcoin developer and educator Jimmy Song reports that he has seen similar developments in other regions. The ducts may differ, but they follow familiar patterns.

“In China, there are WeChat groups, for merchants because they don’t have so much direct access to exchanges,” he said, adding the following:

    “For example, I also hear about a price premium in Argentina, because the economy faces some problems. What we want, for all these places, whether they are distressed or not, is that people have the ability to accumulate capital and earn more money, to build things. “

The climate of censorship faced by Iranians has helped separate local demand from global factors such as dollar prices, the gold market or even local stock markets. Up to 60 percent of respondents said that such external conditions had little or no impact on their investments in bitcoins. The majority of respondents were long-term holders, investing in bitcoin with the intention of maintaining it for more than a year.

Such is the case of the blockchain developer located in Tehran Mahmoud Eskandari. He owns bitcoins, liquidates several cryptos as secondary work and sends bitcoins to Iranian students abroad to help them pay their expenses, including their relatives.

“Today it is clear to me that more and more people use bitcoin,” Eskandari told the news media. “Bitcoin has not had a profound impact on the life of the Iranian people, but its use is growing among people and you can see that.”

Approximately 29 percent of Iranian respondents have more than $ 5,000 in cryptography, mostly bitcoin. Compared to the statistics of the CoinDesk 2018 reader survey, which reached predominantly American and European bitcoin users, Iranians are storing significantly more bitcoin wealth.

Although 63 percent of CoinDesk respondents had more than $ 5,000 in cryptography, Iranians store a greater concentration of their wealth. For the context, only 14 percent of Iranian respondents earned more than $ 10,000 a year. However, almost a third of CoinDesk respondents were accredited investors and 13 percent described themselves as “crypto millionaires.”

“The demand for bitcoin, will be felt in much harder economies than the first world economies,” said Song. “That is to be expected because they feel much more the impact of inflation.”


Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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