YouTuber Luke Damant arrives in Iran and only cryptocurrency saves him

Australian travel video blogger Luke Damant encountered extreme currency inflation after arriving in Iran. Iran's official exchange rate is well below the black market rate as decades of U.S. sanctions have hindered people from entering the global banking system. With Visa and Mastercard banned, foreigners must carry large amounts of cash for street exchange, while locals in Iran are increasingly using bitcoin to circumvent financial restrictions. Chainalysis reported that the amount of Iranian cryptocurrency outflows reached US$4.2 billion in 2024, an increase of 70% year-on-year because Iranian citizens used digital assets to preserve their value and save money in the case of a plunge in the Riyal.