Now Reading: Iran Might Become One of the Richest Countries Due to Bitcoin, Here’s How
As per news reports surfacing on several media platforms, Iran might end up becoming one of the richest and wealthiest countries in the world, directly credited to the absurd Bitcoin mining boom in the country. According to details, the Islamic Republic of Iran is home to more than 83,000 Bitcoin millionaire wallets, with the government owning more than 45,000 crypto mining machines.
This fact was also shared by one of the most prolific media names in Pakistan – Waqar Zaka – who went on to state his thoughts on the matters and said that this is a money making opportunity from which the country would be able to reap benefits in the long term as well as be able to avoid the age-long sanctions being imposed on it by the US government.
The popular TV host tweeted;
“The Iranian government reportedly now owns over 45,000 Bitcoin mining machines. Iranian state despite of sanctions might becomes one of the wealthiest countries. Imran Khan, I want to meet you ASAP just like we met at Dharna where we called Living on the edge fans.”
The Iranian government reportedly now owns over 45,000 #Bitcoin mining machines. Iranian state despite of sanctions might becomes one of the wealthiest countries. @ImranKhanPTI I want to meet you ASAP just like we met at Dharna where we called Living on the edge fans
— Waqar Zaka (@ZakaWaqar) February 8, 2021
Back in October 2020, cryptocurrency was legalized by Iran in order to funnel Bitcoin mined by its citizens into state coffers so that the imports can be payed for. If this move is taken at the face value, this is actually a very clever move to say the least quite clever, to say the least as this new law, decreed by the Ministry of Energy and Central Bank of Iran (CBI), requires the country’s legally registered cryptocurrency miners to sell the tokens they mine to CBI.
In his address to the Council on Foreign Relations last December, the US Special Representative for Iran, Brian Hook had stated, “The regime is struggling to acquire the foreign currency. As such, they need to procure imports such as machinery, industrial inputs and consumer goods.”
It is important to note that this move directly follows Venezuela, the fellow petro-state who nationalized BTC mining pools, also in response to the unwillingness displayed by the United States to ease restrictions. Meanwhile, founder and CTO of popular analytics company Glassnode, Rafael Schultze-Kraft, also confirmed via a tweet that here are approximately 83,000 wallets that hold $1 million worth of Bitcoin in Iran.
Similarly, prominent Bitcoin supporter and Russia Today TV anchor, Max Keiser is of the belief that as Iran and Venezuela have entered the cryptocurrency mining market at a crucial time, they are likely to reap trillions of U.S. dollars by doing so.
As far as Iran is concerned though, it is still to be seen whether the miners might consider the state to be a good trading partner for their ‘stateless’, paper-less currencies.