With the recent announcement from the Supreme Iranian Cyberspace Council that Iran recognizes Bitcoin Mining as a legitimate industry, you can bet that many other countries are trying to downplay the importance of Bitcoin by pushing the price down.
One of these countries could very well be the U.S., who has imposed sanctions on Iran in the past for their nuclear program, and this new price push could be the U.S. trying to downplay the significance of Bitcoin, making it seem like a less important industry than it really is. This sort of political game theory is sure to make the volatility of Bitcoin’s price increase.
“Firoozabadi said that crypto mining has been accepted as an industry by Iran’s major authorities, including the Ministry of Information and Communications Technology, the Central Bank, the Ministry of Industry, Mine and Trade, the Ministry of Energy, as well as the Ministry of Economic Affairs and Finance.
Firoozabadi stated that the Iranian National Cyberspace Center is developing a platform for cryptocurrency mining regulation. He added that the government is also considering the launch of a national cryptocurrency in order to create a financial tool to cooperate with Iranian business partners amid economic pressure from U.S. sanctions.”
This downpush will likely last less than a day or two, and probably send Bitcoin to unprecendented levels as the backpush is reversed.
It will be an interesting time for Bitcoin as it is truly becoming a global commodity.
This new adoption by Iran may be just what the Doctor ordered for the U.S., who may be able to cash out their BTC coffers at higher prices, or create an upsurge of competition among nations competing for the limited resource.