Stacy Summary: Another story that Keiser Report was waaaaay ahead on, only Keiser Report can bring out the hate that revolutionary new ideas attract. We first covered bitcoin, two years ago. Now Businessweek is covering it because they have to. For as predicted on Keiser Report, the payment method allows individual freedom from capital controls and banking restrictions. Okay, now bring on the hate below . . . but, before you do, at yourself first and ask why you are so angry about and threatened by a currency that you are FREE to IGNORE, you do not have to use it nor will you ever have to bail out an entity transacting in the currency. Are you threatened by the last vestiges of economic freedom that remains for these Iranians in this story, what!?! Tell me:
Under sanctions imposed by the U.S. and its allies, dollars are hard to come by in Iran. The rial fell from 20,160 against the greenback on the street market in August to 36,500 rials to the dollar in October. It’s settled, for now, around 27,000. The central bank’s fixed official rate is 12,260. Yet there’s one currency in Iran that has kept its value and can be used to purchase goods from abroad: bitcoins, the online-only currency.