Bitcoin prices will slowly skyrocket again

the Iran government announced that cryptocurrency mining such as Bitcoin, Ethereum, and Ripple had been considered legal and legal industries. Later, at the end of this month, they will issue detailed regulations governing the activity. Unexpectedly, the news made the Bitcoin market 'explode'. There, the price of one of these virtual currencies was observed to exceed USD 26,000, or around IDR 388 million

That means, the value of Bitcoin there has exceeded four times the global price which tends to be in the range of USD 6,000. Fortunately, based on a number of cryptocurrency trading platforms originating from Iran, the price has begun to fall in the range of USD 20,000, although it is still relatively high compared to other countries.

In Indonesia, the price is more or less following other countries in general. At present, the value of the virtual currency ranges from USD 6,200, or around IDR 93 million.

After investigating, it was seen that cryptocurrency mining was not the only reason for the rise in the price of Bitcoin. The Iranian currency which is currently undergoing massive inflation is also mentioned as another factor.

The value of Bitcoin there is also said to be more stable than the Iranian currency itself. Economists are even worried if their country will follow in the footsteps of Venezuela who are in financial chaos.
Until now, the skyrocketing price of Bitcoin in Iran has no effect on its value globally. This phenomenon also underlines two important points.

First, it could be, there is still a possibility for cryptocurrency to continue to grow in countries that really need it. Second, government policy turns out to still have an effect on the value of the virtual currency