Iran Adopts Bitcoin for International Trade Amid Heavy Sanctions, Falling Rial, Soaring Inflation

By Kevin Helms

Iran is undergoing a severe economic crisis as Covid-19 cases surge in the country. The Iranian health ministry says that the number of daily Covid-19 infections has more than quadrupled in less than two months. In addition, an increasing number of sanctions have been placed on Iran by the U.S. government, while the local fiat currency, the rial, continues to dramatically fall.

Steve H. Hanke, Professor of Applied Economics at Johns Hopkins University and a hyperinflation expert, described the situation in Iran as “a classic death spiral.” He detailed on Wednesday:

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