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âBitcoin is trading at a hefty premium of 250% in Iranâ was the statement made by several articles online and letâs see the facts behind this. Though they have mentioned that itâs trading at an incredible $25,887âââthis is calculated based on official currency conversion rates from Iranian Rial to USD.
That means if Bitcoin is trading at 1,087,254,000 IRRâââwhich if calculated according to the official USD to IRR exhange rate which is 42000 IRR to 1 USD and is only reserved for special products. This will make it an incredible $25,887 USD per Bitcoin.
However, as per the local Iranians mentioned on reddit â
the unofficial USD price here which the majority of goods including Bitcoin is priced is 150,000 IRR, which means the price of BTC is still around the global price of $7,300.
According to another person who recently went to Iran
Rial in Iran is not 42,000 but 140,000 to 1USD. There are two prices, one is official government which is 42k but no one buys or sell at that one, the other is 147k you can see it on bonbast.com
Though various articles mention that BTC is traded at premium prices in certain countries, in the end it comes up to the same price as the globally traded rate. So, donât fall for articles with click bait title!
Thatâs one of those Reddit Crypto Myth Busters
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Why is Bitcoin trading at a 253% premium price in Iran? was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
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