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Bitcoin Price Reaches $29,000 in Iran as Mike Novogratz Calls BTC 'Digital Gold'

Fri, 01/03/2020 - 14:37
Alex Dovbnya
According to Mike Novogratz, the Bitcoin price reacted to "global uncertainty" by surging on the most severe escalation of tensions between the US and Iran
Cover image via www.bloomberg.com
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The price of Bitcoin (BTC) has reached more than 983 mln Iranian rials on LocalBitcoins, the Helsinki-based P2P cryptocurrency exchange. According to the country's official exchange rate, it equals roughly $29,500, which is nearly 300 percent higher compared to its current market value of $7,323. 

image by localbitcoins.com

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The new digital gold

Galaxy Digital CEO Mike Novogratz says that it's great to see the BTC price react to global uncertainty. As reported by U.Today, the leading cryptocurrency surged by more than five percent just hours after the US airstrike killed Iran's most powerful military commander Qasem Soleimani.  

On Jan. 5, Novogratz also said that he was "even more bullish" on BTC and gold now that he's trying to analyze the conflict between Iran and the US. The Wall Street legend is certain that the destabilization of the Middle East will lead to more volatility in the global markets.         

Bitcoin's recent price surge reinforced the narrative that it is a modern age version of gold. Notably, both gold and BTC were on a tear after the Iran news sent the oil prices through the roof.   

image by quantumeconomics.io

However, reputed crypto analyst Mati Greenspan points to the fact that the Iranian crypto market is way too small to single-handily cause such a significant price move.   

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Flocking to crypto

Back in May, LocalBitcoins exchange became unavailable for the residents of Iran, which was historically one of the most vibrant markets for the peer-to-peer exchange. Crypto is a useful means of bypassing the harsh economic sanctions imposed by the US, which allegedly prompted the restriction.

As of now, the Iranian section of the platform is up and running, and some are seemingly willing to pay a high price for purchasing BTC.    

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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