Bitcoin mining: Iran could reap trillions

TL;DR Breakdown

• Waqar Zaka says Iran could become one of the richest countries in the world through Bitcoin mining.
• Over 80,000 Bitcoin wallets hold units of the asset that is worth over $1 million

Waqar Zaka, one of the leading media names in Pakistan, has posited that Iran is on the path of becoming one of the wealthiest countries in the world, largely due to its recent Bitcoin mining efforts. The popular TV host also went on to state his belief that the country could be able to avoid the age-long sanctions being imposed on it by the US government.

Bitcoin mining would make Iran rich

According to Zaka, the Iranian government owns over 45,000 units of Bitcoin mining machines. This, he believes, is a money making opportunity and venture that the country would be able to reap its benefits in the long term. He added that this could also make the country one of the richest countries in the world.

Zaka’s view is also shared by Max Keiser, a pro-Bitcoin TV host in Russia, who reiterated the fact that Iran and Venezuela are on the path of earning trillions of US Dollars due to their recent foray into Bitcoin mining. 

Iranian government had lifted its ban on crypto and began its foray into Bitcoin mining last year. According to the government, they were going to be purchasing all BTCs that were being mined by their local miners. The country also set up a pro-BTC policy in its attempt to circumvent the sanctions of the US government.

Over 80,000 Bitcoin wallets hold BTC worth at least $1 million

Rafael Schultze-Kraft of crypto analytics company, Glassnode, has said that almost 83,000 BTC wallet hold units of the leading crypto asset that its worth is over $1 million.

According to Schultze-Kraft, early Bitcoin miners were the first group of millionaires which was before the first halving and they never sold/spent/lost those coins and became millionaires in 2017.