Bitwise CEO: Iran's currency collapse triggers protests, highlighting the necessity of Bitcoin as a store of value tool

Odaily Planet Daily reports that as the Iranian Rial hits a record low against the US dollar, large-scale protests have erupted in Tehran recently. The public attributes the continuous devaluation of the local currency to long-term fiscal and monetary policy mistakes by the central bank. In response, Bitwise CEO Hunter Horsley stated on the X platform that economic mismanagement has persisted through the past, present, and future, and that Bitcoin offers ordinary people around the world a new way to protect their wealth amid significant fiat currency devaluation. The report points out that since the two-week conflict with Israel in June this year, the purchasing power of the Iranian Rial has shrunk by over 40%, with the official exchange rate now around 1 USD = 1.4 million Rials. Bitcoin Human Rights Foundation Chief Strategist Alex Gladstein also mentioned that in the early 1980s, the official exchange rate was only 70 Rials to 1 USD, highlighting the significant devaluation in comparison. Meanwhile, the Governor of Iran’s Central Bank has resigned under protest pressure, further increasing market uncertainty. Additionally, although Iran permits cryptocurrency trading, custody and mining regulations remain relatively strict. VanEck Research Director Matthew Sigel pointed out that Iran recently cracked down on unregistered Bitcoin mining activities and even encouraged citizens to report neighbors. Analysts believe that against the backdrop of sanctions, banking system pressures, and ongoing currency devaluation, discussions about Bitcoin as a decentralized store of value are on the rise. (Cointelegraph)