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Citizens of Iran are increasingly buying Bitcoin (BTC) and moving it to self-custody crypto wallets, a shift that blockchain analytics links to both economic pressures and sudden disruptions in access to exchange services.
A 2026 report from blockchain analytics firm Chainalysis found Iran’s crypto system valuation increased from $7.4 billion in 2024 to $7.8 billion in 2025.
The report also described a sharp rise in withdrawals from major Iranian exchanges. Users withdrew roughly $10.3 million worth of cryptocurrencies to crypto wallets in the 48 hours following the US-Israel preemptive strike on Iran. Within minutes of the event, Nobitex—the country’s largest exchange—saw outflows spike by 700%.
Chainalysis also pointed to a steady uptrend in Bitcoin outflows both before and after the January 8 government-imposed internet blackout.
Bitcoin has increasingly functioned as a financial haven for Iranians, with its long-term value described as an inflationary hedge. The article notes that Iran’s native currency, the rial, has declined 90% since 2018, while inflation has escalated to 40–50%, the highest recorded since World War II.
It also cites practical reasons for self-custody adoption: Bitcoin held in self-custody wallets is described as immune to state and exchange restrictions, as well as exchange security vulnerabilities. The article references a $90 million hack at Nobitex in mid-2025, and says Tether continues to blacklist addresses and freeze USDT funds for alleged Iranian conspirators.
In parallel, Iran’s central bank (CBI) has suspended rial-crypto conversions several times to limit further devaluation of the rial. The article says the CBI has recently become more accommodating toward cryptocurrencies, but only on the condition of real-time user surveillance.
The January government-imposed internet blackout is described as another driver of migration, because cryptocurrencies on exchanges became effectively unusable during the disruption.
The article also highlights the portability of digital assets, noting that self-custody can be advantageous for people anticipating leaving the country.
Beyond domestic constraints, the article says cryptocurrencies enable cross-border remittances despite sanctions that disrupt traditional banking channels, including SWIFT.
Researchers cited in the article estimate that 15 million Iranians—about 20% of the population—are involved with or using Bitcoin and other cryptocurrencies.
The article places Iran’s shift in a wider context, saying sanctioned countries including Russia, Venezuela, and North Korea are increasingly pivoting toward cryptocurrencies to bypass international trade restrictions.
It also notes that crypto firms Binance and World Liberty Financial (WLFI), described as Trump-backed, are facing Senate probes related to Iran-linked flows.
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