The present Iranian situation is making billionaire Bitcoin investor Michael Novogratz more bullish about gold and Bitcoin (BTC).
Novogratz, who today, took to his twitter page, to reflect on the present situation between Iran and the United States, said the present issues in the Middle Eastern country makes him hope the price of Bitcoin and gold will soar in the future.
His observation must have been based on the decentralized nature of the digital currency and blockchain technology at large, a characteristic that has made many countries think about adopting blockchain technology.
The CEO of Galaxy Digital says Iraq will expel US troops, giving Iran the opportunity to have more power in the country.
Micheal Novogratz, who opines that Iran always wants the US expelled from Middle East, also avers that the Saudi does not want conflict at the moment. This he said would result in an unstable Middle East, thereby causing more volatility.
The present escalation has resulted in Bitcoin going as high as $7,425. As previously reported by Cointelegraph, the price of Bitcoin went as high as $24,000 in Iran after the US troop killed the commander of the Iranian Revolutionary Guards’ elite Quds Force, General Qasem Soleimani.
However, an Iranian Bitcoin seller on LocalBitcoins denied that such happened, claiming the news report was not true but full of mistakes.
He said that Bitcoin is being priced at 1 billion Iranian rials ($24,000) per the official exchange rate set by the country’s central bank does not mean the official rate is being followed. The bitcoin enthusiast said not many businesses follow the official price, but follow a market exchange rate to convert US dollars to Iranian rials.
“The going market rate for the U.S. dollar to the Iranian rial is one dollar to 136,500 rials,” an Iranian citizen, by the name Mehran Jalali said.
“The current bitcoin to rial rate posted on Iranian crypto exchange websites is around one bitcoin to 984,000,000 rials, equal to $7,208 per bitcoin in Iran, which is very close to the going rate everywhere else.”
Meanwhile, cryptocurrency observers expect the present situation to take the price of Bitcoin to a new high. However, it may have a negative effect on the digital currency and the entire cryptocurrency market at large, opines Bitcoin expert Andreas Antonopoulos.
Now, Iraqi lawmakers have voted that the government end the U.S. presence in the country, making observers say there is going to be more problems in the future.