Iran recorded about $7.78 billion in cryptocurrency activity in 2025 as deepening unrest and a collapsing currency pushed citizens toward digital assets, the Chainalysis report shows. Withdrawals from exchanges to personal wallets spiked during nationwide protests and an internet blackout that began in late December 2025, as traditional financial channels grew unreliable.
The data shows crypto acted as both a civilian financial escape valve and a conduit for sanctioned actors. Addresses linked to the IRGC received more than half of Iran’s crypto value in the final quarter of 2025.
Bradley Rettler, a senior fellow at the Bitcoin Policy Institute, said Bitcoin gains appeal under financial repression. “In countries where citizens fear their government, worry about financial censorship, or see their local currency inflating, Bitcoin provides an alternative.”
Bitcoin has a history of use by activists and dissidents, gaining wider visibility when WikiLeaks accepted crypto donations (WikiLeaks donations). Research has also found that crises tend to boost Bitcoin usage when banks and payments falter (research published).
Chainalysis cautioned its tally likely understates state involvement because it tracked only identified sanctioned addresses (Ed. note: unidentified intermediaries may raise the true figures). Taken together, the findings show crypto is increasingly embedded in Iran’s financial landscape.
