Bitwise CEO: Iran's currency collapse triggers protests, highlighting the necessity of Bitcoin as a store of value tool

Breaking News from Mars Finance: As the Iranian Rial hits a record low against the US dollar, large-scale protests have erupted in Tehran recently. The public attributes the continuous devaluation of the local currency to long-term fiscal and monetary policy mistakes by the central bank. In response, Hunter Horsley, CEO of Bitwise, stated on the X platform that economic mismanagement has persisted through the past, present, and future, and that Bitcoin offers ordinary people around the world a new way to protect their wealth amid significant fiat currency devaluation. The report points out that since the two-week conflict with Israel in June this year, the purchasing power of the Iranian Rial has shrunk by over 40%, with the official exchange rate currently around 1 USD = 1.4 million Rials. Alex Gladstein, Chief Strategy Officer of the Bitcoin Human Rights Foundation, also mentioned that in the early 1980s, the official exchange rate was only 70 Rials to 1 USD, highlighting the significant devaluation. Meanwhile, the Governor of the Central Bank of Iran has resigned under protest pressure, further increasing market uncertainty. Additionally, although Iran permits cryptocurrency trading, custody and mining regulations remain relatively strict. Matthew Sigel, Head of Research at VanEck, pointed out that Iran has recently cracked down on unregistered Bitcoin mining activities and even encouraged citizens to report their neighbors. Analysts believe that against the backdrop of sanctions, banking system pressures, and ongoing currency devaluation, discussions about Bitcoin as a decentralized store of value are on the rise.