YouTuber Luke Damant lands in Iran, only crypto saved him

Currency and Economic Situation - The Iranian rial has significantly depreciated, with one US dollar equating to approximately 1 million rials, indicating an extremely inflated currency [2] - The rial has lost about 90% of its value since the U.S. exited the nuclear deal in 2018, leading to a dire economic situation for citizens [6] Impact of Sanctions - U.S. sanctions have severely restricted Iran's access to global banking systems, including Visa and Mastercard, forcing individuals to rely on cash transactions [2][3] - Sanctions have resulted in a reported $4.2 billion in crypto outflows from Iran in 2024, a 70% increase from 2023, as citizens seek alternatives to frozen banking options [6] Use of Cryptocurrency - Cryptocurrency, particularly Bitcoin, is being utilized by Iranians not just for speculation but as a means to navigate a broken financial system [5] - Foreign visitors are required to bring cash for transactions, while locals are increasingly turning to digital assets to preserve savings and facilitate money transfers [5][6]