Catenaa, Friday, January 02, 2025- Bitcoin has been promoted by crypto industry figures as a hedge against currency collapse after Iran’s rial plunged to a record low, triggering widespread protests and political fallout across the country.
The rial weakened over the weekend to about 1.42 million to the U.S. dollar on the open market, according to local reports.
The slide marked an all-time low and fueled the largest wave of unrest Iran has seen in three years, with merchants shutting shops in Tehran and several major cities.
The currency shock prompted the resignation of Central Bank Governor Mohammad Reza Farzin on Monday as pressure mounted on the government to stabilize prices and restore confidence. Demonstrations spread through commercial districts in Tehran, Isfahan, Shiraz and Mashhad, with security forces dispersing crowds using tear gas and batons.
Industry executives pointed to bitcoin as an alternative store of value amid monetary instability, arguing that decentralized assets can offer protection when national currencies rapidly lose purchasing power.
The comments circulated widely online as images of closed bazaars and street clashes gained traction.
Iran’s economic stress has intensified throughout 2025. Official data put inflation above 50%, while food and medical costs have risen sharply as the falling rial drives up import prices.
The currency has lost most of its value since the collapse of the 2015 nuclear deal and the return of US sanctions, with added strain from regional conflict and renewed international penalties.
