Behind the escalation of conflicts involving Iran, the United States, and Israel, there is one economic engine that keeps running: crypto.

Many see sanctions as a major pressure on Iran's financial system. However, it is precisely from this pressure that alternative channels have emerged. Since 2019, Iran has officially recognized Bitcoin mining as a legal industry. With subsidized electricity, BTC is mined and then channeled to the central bank to help finance imports and cross-border transactions without relying on the US dollar.

According to data from Chainalysis, Iran's crypto activity value in 2025 surpassed $7.78 billion. This figure is not small — it is even comparable to the GDP of microstates like Liechtenstein. This indicates that crypto is no longer just an investment tool but part of the country's economic strategy.

The role of the Islamic Revolutionary Guard Corps (IRGC) is also said to be increasingly significant in domestic crypto transaction flows. This means that crypto has entered a strategic level, not just the private sector.

On the other hand, reports from Elliptic mention the accumulation of hundreds of millions of dollars in Tether (USDT). Stablecoins have become a hedging tool when local currencies weaken drastically.

Investor Perspective
Bullish Narrative
Conflicts and sanctions reinforce Bitcoin's image as a permissionless (permissionless) asset. Countries are using it when traditional systems are closed.

Hidden Risks
If conflicts disrupt power supplies, regional hash rates could decline. Short-term volatility may increase.

New Reality
Crypto is no longer just about charts and candles. It has become a geopolitical instrument.

Amid global tensions, the question is no longer “Is crypto relevant?”
But: how significant is its role when the conventional financial system is under pressure?