Iran Violent Turmoil Could Be Catalyst for Next Bitcoin Surge

  • Protesters take over the streets of Iran after the government announced dramatic fuel price hikes.
  • The regime has blocked internet access and closed its Iran border.
  • Iranians are facing a dire situation which will likely force many to resort to a currency that offers a safe and portable store of value, such as bitcoin.

Civil unrest erupted in Iran as protesters took to the streets to express their anger over the government’s decision to ration gas and increase price by at least 50 percent. The move came after U.S. sanctions limited the flow of petrodollars, forcing the oil-rich nation to reduce subsidies. Financial Times reported that Iranians received news on Friday that each motorist would be limited to 60 liters of fuel per month. Motorists can still get extra fuel, but they have to pay double the amount.

To show their disappointment, many Iranians left their cars on the road and blocked Tehran’s major highways. Some protesters burned down banks, government buildings, and gas stations. In the footage, one can see that citizens were burning down the country’s central bank.

Amidst the demonstrations and turmoil, citizens who own bitcoin have put themselves in a position to protect their wealth. Those who have yet to store their wealth in the No. 1 cryptocurrency will likely do so once some semblance of stability is restored.

Khamenei Regime Chokes Iran’s Connection to the Outside World

News of security forces gunning down protesters in the middle of the street are circulating on Twitter. This is but one of the many clips that reveal the intensity of the uprising.

In an effort to contain the news, the Iranian government shut down the internet in the entire country. NetBlocks reported that internet connectivity is only at 7 percent of its usual level as the regime struggles to control the uprising.

This is bad news for citizens, businesses, and for many other reasons. It’s also bad for bitcoin miners in the country. All of a sudden, their…

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