I have been following the news from Iran for a while now. It is amazing how important a part crypto plays there.

When the US and Israel bombed Iran, an unusual thing took place. Crypto withdrawals from Iran-based exchanges increased by 700% within a few hours .

The situation in Iran is awful. Their currency, rial, lost almost all of its value. Inflation is about 40-50%. So people are using Bitcoin as a safe haven.

However, it is not just regular citizens that use crypto in such a situation. The government and the Iranian army do it as well to evade sanctions and send money.

In 2020, the total volume of the crypto market in Iran reached $7.8 billion.

Here is where the irony begins. At the time of the bombing, Bitcoin did not behave itself like "digital gold" and decreased in value by 9%. The gold price was rising. So Bitcoin cannot be considered as a safe haven during wartime yet.

But for regular citizens? It is their lifeboat. They can store it themselves and nobody can stop them.