Categories: News

Iran Squabble Over Fiat Currency Makes Bitcoin Look Stronger

Making sense of the financial ecosystem in this day and age is all but impossible. There are so many under the table deals and agreements, as well as other political plays going on at nay given time. To make matters even more confusing, Iran is looking to export oil again but refuses to accept payments in US Dollar. Instead, they demand to be paid in Euro, which could be seen as a token of gratitude for the lifting of sanctions last month. Wouldn’t the world be a better place if everybody just paid in Bitcoin?

Also read: Block Size Politics Continue As Support for Bitcoin Classic Is Unclear

Iran Prefers Euro Over US Dollar

There are several reasons why this announcement makes a lot of sense, though. First of all, Iran and the European Union has been thoroughly exploring their business ties and come to some mutual agreements everyone involved can benefit from in the long run. Due to these renewed ties, a strong preference for being paid in Euros seems logical.

But there is another reason for this renewed love relation between Iran and Europe, as the European Union lifted various sanctions last month. While this in itself might not be reason enough to warrant a preference for Euro, Iran is also known for not taking a liking to the United States or their currency by any means.

In fact, some people feel that any currency other than the US Dollar would be preferable to the country as it offers both financial and political advantages. Keeping in mind how Iran has tried to move away from the United States in the past, this appears to be just another attempt to achieve that goal. However, as the world’s economy is mostly linked to the US Dollar, that may be a lot easier said than done.

Related Post

It remains to be seen whether or not this announcement will have any effect on the currency markets whatsoever. The Euro is not in a very strong position while the US Dollar bull run continues. Plus, with the oil prices remaining at the low end, moving to Euro could hurt Iran in the long run.

Many financial experts are keeping a close eye on the value of the Euro, which could dip even lower in the months to come. However, that situation will heavily depend on whether or not the Federal Reserve decides to raise the interest rates again. That being said, the world is a better place if everybody started using Bitcoin.

Unlike these squabbles over fiat currencies and nation sanctions,

Bitcoin acts as a global currency that removes any borders from the equation. Such a powerful global form of payment will eventually create an ecosystem where more goods can be shared between all of the people in the world.

Source: CNN Money

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

6 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

7 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

7 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

8 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

11 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

12 hours ago