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Study: despite sanctions, Iranians continue to earn income from cryptocurrencies

Study: despite sanctions, Iranians continue to earn income from cryptocurrencies

According to a study by the analytical firm Gate Trade, out of 1,650 Iranian bitcoiners surveyed in Telegram groups, 25% earn between $500 and $3,000 a month on cryptocurrencies.

More than a third of respondents – 35% – earn income from mining, and 58% earn on trading, both through exchange platforms and through networks of local exchangers that provide liquidity in Iranian rials. The survey also showed strong growth in the local mining industry: 70% of respondents expressed interest in learning more about mining in Iran.

The Iranian cryptocurrency market is shifting its focus from global exchange platforms to local exchanges and mining companies, because most international exchanges have closed
access to Iranians. About 83% of respondents said that the community needs more reliable access to exchanges.

A Gate Trade representative said many Iranians use VPNs and buy foreign identity cards on the black market to circumvent sanctions. Bitcoin developer Jimmy Song said that he has seen similar situations in other regions.

“In China, there are WeChat groups [for traders] because citizens don’t have direct access to exchanges,” he said.

The censorship faced by Iranians has helped separate local demand from global factors such as the dollar, the gold market, or even local stock markets. 60% of respondents said that external factors have almost no effect on their investment in bitcoin. Most of the respondents were long-term investors who invested in BTC with the intention of owning the cryptocurrency for more than a year.

Approximately 29% of respondents own cryptocurrencies worth more than $5,000, mostly BTC.

“The demand for bitcoin will be felt in troubled economies more than in first world countries,” song said. “This is to be expected, because they feel the impact of inflation much more strongly.”

According to a recent study, people in Europe have become less likely to believe in bitcoin. At the same time, a study by Noble Insurance showed that 25 million Americans plan to invest in cryptocurrencies. In addition, according to a study by Paxful, 80% of Colombian residents are willing to invest in cryptocurrencies.