Bitwise CEO: Iranian currency collapse sparks protests, highlighting the necessity of Bitcoin as a value preservation tool.

Odaily Planet Daily reports that as the Iranian rial has plummeted to a historic low against the US dollar, large-scale protests have erupted in Tehran, with protesters attributing the currency's continued depreciation to long-term fiscal and monetary policy failures by the central bank. In response, Bitwise CEO Hunter Horsley stated on the X platform that economic mismanagement permeates the past, present, and future, and that Bitcoin offers ordinary people worldwide a new way to protect their wealth amidst significant fiat currency devaluation.

The report points out that since the two-week conflict with Israel in June, the purchasing power of the Iranian rial has shrunk by more than 40%, with the current official exchange rate at approximately 1.4 million rials to one US dollar. Alex Gladstein, chief strategy officer of the Bitcoin Human Rights Foundation, also noted that in the early 1980s, the official Iranian exchange rate was only 70 rials to one US dollar, making the depreciation extremely significant in comparison. Meanwhile, the governor of the Central Bank of Iran has resigned under pressure from protests, further exacerbating market uncertainty.

Furthermore, while Iran permits cryptocurrency trading, self-custody and mining remain strictly regulated. Matthew Sigel, research director at VanEck, points out that Iran recently cracked down on unregistered Bitcoin mining activities and even encouraged residents to report their neighbors. Analysts believe that against the backdrop of sanctions, pressure on the banking system, and continued currency depreciation, discussion surrounding Bitcoin as a decentralized store of value is rising. (Cointelegraph)