Amidst ongoing protests and a plummeting rial in Iran, people are withdrawing Bitcoin from exchanges to their wallets.
as the Iranian government strengthens control over recent street protests, local people have begun to directly manage Bitcoin themselves, highlighting the decentralized and censorship-resistant nature of cryptocurrency.
Since December 28, street demonstrations have erupted in multiple cities in Iran, targeting the Islamic Republic government and the deepening economic crisis characterized by high inflation and currency collapse. From the start of the protests until the internet blackout implemented by Iran on January 8, blockchain intelligence firm Chainalysis observed a significant increase in on-chain transactions withdrawing Bitcoin from Iranian exchanges to unknown personal wallets.
Chainalysis stated in a report released on Thursday: "Most notably, there has been a surge in withdrawals of Bitcoin from Iranian exchanges to unattributed personal wallets. This surge indicates that during the protests, Iranians acquired and took control of Bitcoin at a much faster pace than before."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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