After the Failure Of Their Stablecoin Experiment, Iran And Russia Will Inevitably Adopt Bitcoin

With their newly-announced stablecoin experiment doomed to fail, Russia and Iran will soon learn Bitcoin is the solution that they want.

This is an opinion editorial by Q Ghaemi, a stocks and bitcoin analyst and author of the Qweekly Update newsletter.

Earlier this month, reports surfaced that the Central Bank of Iran is working with the Russian Association Of The Crypto Industry And Blockchain to create a stablecoin that will be backed by gold to settle trade. This is not the first foray into the crypto universe for either country, nor will it be the last. But this venture will come to nothing, ultimately bringing both countries one step closer to adopting Bitcoin.

Irans Foray Into Cryptocurrencies Favor Bitcoin

In August 2022, a headline came and went and most did not hear about it, and those who did gave it little thought: Iran Approves Use Of Cryptocurrency For Imports To Bust Sanctions. Ignoring the fact that the source for this headline was a Saudi-funded media outlet with the likely goal of destabilizing and delegitimizing Iran, it is important to recognize that Iran successfully completed a trade in August with an estimated value of $10 million, which can be assumed to have been conducted in bitcoin.