Undermined by US sanctions, Iran is turning to Bitcoin. The Islamic Republic has changed its laws to force Iranian miners to sell some of their bitcoins to the Central Bank. And this in order to pay for the country’s imports.
Big Bitcoin in Teheran
This move will be a turning point in the history of Bitcoin, some people stated that Iran had decided to dedicate three power plants to Bitcoin mining.
“We’re talking about a combined power of 6,000 MegaWatts here. Enough to install 4.6 million S9 Antminers, or about 60 million THash. Knowing that the Bitcoin hash rate is currently 140 million TH…”.
Iran would be the first country to officially make Bitcoin a reserve currency. Bitcoiners have been saying this for years. Namely, the nations that will be put under embargo by shutting down the international payment network SWIFT will end up using Bitcoin to trade with the rest of the world.
There is a chance that other countries that are currnently under embargo to join the movement, Venezuela may be the second country to implement this. Caracas has already launched its own cryptocurrency (Petro), but we can bet the country will eventually imitate its Iranian counterpart. Both countries really have a significant advantage: huge energy reserves that make Bitcoin mining particularly easy.
It is written that the nations that control the international monetary system will end up disparaging Bitcoin. But not the moans of a few technocrats led by bankers will contribute to a better cryptocurrency. Bitcoin has seen others, as when certain factions tried to change their protocol in 2017.
And this is perhaps Bitcoin’s greatest asset: its decentralization means that no one can disappear or change the money supply. Unless you use the material of about one million miners scattered around the world. And let’s blow up the BlockStream satellite. Good luck…
Cherry on top of the cake
If the Persians are serious about their ambition to sell their oil in Bitcoin, we are at the top of a PetroBitcoin. In terms of gasoline and the hegemony of the dollar born of the fact that Saudi Arabia sells its oil exclusively in dollars.
This would be the icing on the cake of obsolete fiat currencies. These are backed by mountains of debt that are piling up in a crazy head and will be overcome by painful inflation.
The first remedy for a mismanaged nation is monetary inflation, the second is war. Both bring temporary prosperity and indelible destruction. “Both are a haven for economic and political opportunists.” – Ernest Hemingway – 1899-1961
Remember that the ECB has already multiplied its balance sheet with 6 since 2006… Do not give up your purchasing power of monetary slaves, accumulate bitcoins, the next international reserve currency!