Cryptocurrencies

Iran settles its imports in Bitcoin (BTC)

The bone of contention

Iran needs bitcoin to bypass the decades-long US embargo. Since the Islamic revolution of 1979 to be precise. At the time, the Iranians overthrew the imperial puppet state that the Anglo-Saxons had installed following Operation Ajax led by the CIA and the MI6 in 1953.


In that year (1979), the United States froze $ 12 billion (current $ 46 billion) in financial assets held by Iran following the hostage-taking at the American Embassy in Tehran. The following year, Uncle Sam pushed Iraq to Sadam Hussein to invade Iran. It is estimated that these eight years of war resulted in the deaths of half a million Iranian and Iraqi soldiers.

In addition, the United States placed the country under a financial embargo in 1984. The noose was even tightened in 1995 with the ban on any foreign company to invest in the Persian oil industry. In 2012, the National Defense Authorization Act will prevent the central bank of Iran from using the network SWIFT for the sale of petroleum.

Things got even worse with the arrival of Trump. Its policy of “maximum pressure” will result in the total disconnection of the network SWIFT. The Islamic republic has since been unable to trade with the rest of the world, causing high inflationary pressures.

In retaliation, Iran has reiterated the dollar ban for selling its oil. It is a direct threat to the petrodollar system from which most of the current geopolitical tensions arise. The Iran, Russia and China triad is indeed determined to do without the greenback. And the pill has trouble getting past Washington …

Israel and Saudi Arabia are also deeply involved in this geoeconomic intrigue. As such, let us note that the Prince Salman declared this Tuesday, April 27 – during a rare television interview – “wanting good relations” with his neighbor.

Looks like the bitcoin threat is having an effect …

Is Iran preparing for the advent of Petrobitcoin?

Affirmative. The Think Tank Iranian Presidential Center for Strategic Studies recently published a paper in which he hinted at getting 11% of the bitcoin hash rate …

We could also read:

Newly mined bitcoins are not easily traceable… Domestic businesses should use freshly mined bitcoins, which are preferable to existing bitcoins, for their international exchanges.

More specifically, we know that Iran has been installing mining machines in three power plants since September 2020. With a combined power of 6,000 MegaWatts, it would be possible to supply the world fleet of Antminers, or more than a million mining machines. However, it is not so easy to buy them en masse, especially in these times of shortage of microprocessors.

The necessary equipment was installed in three power plants (gas) of Ramin, Neka and Shahid Montazer “, said Mohsen Tarztalab, the CEO of TPPH, a semi-public company.

By the way, 80% of Iran’s electricity production, which stands at 75,000 MegaWatts, is generated by thermal power plants that burn fossil fuels. In other words, if Iran becomes a mining heavyweight, BTC’s carbon footprint will suffer.

In short, it’s now official, private banks can pay for their imports in bitcoin.

However, banks will only be able to obtain supplies from minors approved by the government. Indeed, the law stipulates that Iranian miners must sell their bitcoins directly to the Central Bank. Obviously, no Iranian miner wants to sell off their digital gold at the official exchange rate, hence the government’s setting up of its own mining operations.

No miner wants to donate bitcoin to the government“, said Omid alavi, a licensed bitcoin miner, at Bitcoin Magazine.

6 zeros for Bitcoin

Iran has the second largest natural gas reserve in the world. Its basement is also full of oil. Proven reserves place the country in fourth place in the world behind Canada, Saudi Arabia and Venezuela (which has also embarked on bitcoin mining).

In other words, it will be necessary to add a zero to bitcoin the day Persia announces that it is using bitcoin not for its imports, but for the payment of its oil exports.

In addition, another Muslim country has just fallen into the bitcoin hole: Turkey. The country could only end up taking an interest in it since its currency – the lira – was pounded by the JP Morgan.

Why do we do all dollar loans? Let’s use another currency. I suggest the loans be made in gold », Declared the Turkish president during the G20 of 2018.

Indeed, the majority of international loans are made in dollars so that American banks collect interest on $ 12.7 trillion in loans abroad …

With the dollar, the world is always under exchange rate pressure. We must protect states and nations from this pressure. Gold has never been a tool of oppression throughout history“, He added to praise the Gold Standard.

Today, the Ottoman Sultan is about to get his hands on the digital gold of his citizens … Bloomberg reports that the government will establish a central bank (central custodian bank) where exchanges will have to deposit their bitcoins …

With Iran, a second geopolitical heavyweight therefore seems to think that standard bitcoin would be of the greatest effect to decentralize the architecture of the international monetary system. We could then reduce the nuisance capacity of Americans towards those who refuse to use their monkey money.. In 2019, over 99% of crude oil trade payments were still made in dollars. That will change soon …

Number of searches for the word bitcoin on google trend in turkey
Turkey is one of the few countries with a record number of searches for the word “bitcoin” on google (twice as much interest as in 2017)
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