Odaily Planet Daily News: Against the backdrop of anti-government protests in multiple regions of Iran and the government's implementation of internet shutdowns, local residents are rapidly transferring Bitcoin into personal wallets. Blockchain analytics firm Chainalysis noted that from the start of the protests on December 28, 2024, to the internet disruption on January 8, BTC withdrawal transactions from Iranian local exchanges to unknown personal wallets significantly increased. This indicates that during the social unrest, people are self-custodizing Bitcoin at a higher frequency.
Chainalysis believes that this behavior is closely related to the significant devaluation of Iran's fiat currency, the rial. Data shows that the exchange rate of the rial against the U.S. dollar dropped sharply within a short period, from about 420,000 to over 1,050,000, leading to a rapid loss of purchasing power. Against this backdrop, Bitcoin is seen as an important tool to hedge against currency collapse and economic instability, due to its decentralized nature, resistance to censorship, and ability to facilitate cross-border transfers.
The report also noted that this trend is consistent with other regions around the world experiencing war, economic crises, or government crackdowns. In addition, Chainalysis revealed that addresses associated with Iran's Islamic Revolutionary Guard Corps (IRGC) accounted for more than 50% of the total value of cryptocurrency assets received in Iran during the fourth quarter of 2025, with over $3 billion in on-chain transactions processed throughout the year. (CoinDesk)