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Iran Has Over 83,000 Bitcoin Wallets Worth Billions of Dollars

According to news that emerged in the state media, the Islamic Republic of Iran has more than 83,000 millionaire Bitcoin wallets, with the government owning more than 45,000 cryptographic mining machines.

If that’s true, the following tweet from Living on the Edge showrunner Waqar Zaka is definitely a possibility.

Despite the reduction in foreign exchange reserves coupled with heavy sanctions, Iran is definitely on its way to becoming the richest country due to its gigantic holdings in the BTC.

In early October 2020, Iran legalized the cryptocurrency to channel Bitcoin extracted by its citizens to the state coffers to pay for imports. At first glance, this is very smart, to say the least. In his speech to the Council on Foreign Relations last December, Brian Hook, the US Special Representative for Iran, said:

The regime is struggling to acquire the foreign currency they need to procure imports such as machinery, industrial inputs and consumer goods.

The new law was therefore enacted by the Ministry of Energy and the Central Bank of Iran (CBI), which “requires the country’s legally registered cryptocurrency miners to sell the tokens they extract to the CBI”.

This move reflects Venezuela’s other petro-state, which nationalized BTC mining reservoirs in response to the United States’ unwillingness to ease restrictions. As far as Iran is concerned, one can ask whether miners will find the state a good trading partner for stateless and paperless coins.

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