New Data Gives Unprecedented Insight Into How Iranians Are Using Bitcoin

Published on by Coindesk | Published on

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This data offers an exclusive peek inside the evolution of the Iranian bitcoin community, and so far it looks like the classic "Store of value" investment thesis can hold water.

The Iranian crypto market is shifting its dominant focus from global exchange platforms to local exchanges and miners, because most centralized exchanges with know-your-customer compliance exclude Iranians.

In the meantime, a Gate Trade spokesperson told CoinDesk that many Iranians are using VPNs and purchasing foreign ID cards on the black market to circumnavigate discrimination.

The climate of censorship faced by Iranians has helped divorce local demand from global factors such as dollar prices, the gold market or even local stock markets.

Up to 60 percent of respondents said such external conditions had little or no impact on their bitcoin investments.

Most respondents were long-term holders, investing in bitcoin with the intention to hold it for more than a year.

"Today it is clear to me that more and more people are using bitcoin," Eskandari told CoinDesk.

Roughly 29 percent of Iranian respondents hold more than $5,000 worth of crypto, mostly bitcoin.

Compared to statistics from the CoinDesk 2018 reader survey, which reached predominantly American and European bitcoin users, Iranians are storing significantly more wealth in bitcoin.

Although 63 percent of CoinDesk respondents held more than $5,000 in crypto, Iranians are storing a higher concentration of their wealth.