Tony Yazbeck of The Bitcoin Way said Feb. 21 that the Iranian rial’s ongoing collapse is driving citizens toward cryptocurrency, drawing parallels to Lebanon’s financial crisis in 2019. Yazbeck made these remarks in an opinion column published by CoinDesk, where he discussed the similarities between Iran’s current economic turmoil and Lebanon’s earlier banking and currency meltdown.
The topic is significant as both countries have experienced severe devaluation of their national currencies, leading many residents to seek alternatives for preserving their savings. According to blockchain analytics, Iran’s crypto economy reached nearly 8 billion dollars in 2025. The Iranian rial has lost roughly 96 percent of its value against the US dollar since earlier periods as inflation remains elevated and sanctions limit traditional trade channels. Citizens have accelerated withdrawals of Bitcoin to personal wallets during protests and periods of uncertainty to maintain control over assets, according to CoinDesk.
Yazbeck said, “The rial, Iran’s official currency, has failed in 2026. Hyperinflation chews through savings every single day. Lebanon went through the exact same crisis starting in late 2019. Bitcoin turned out to be that financial safe haven then,” according to CoinDesk.
Lebanon’s 2019 financial crisis caused the local currency to lose over 90 percent of its value according to economic reports. Banking sector losses exceeded 72 billion dollars, leading to strict capital controls and widespread loss of confidence in the financial system. This environment drove significant growth in cryptocurrency usage, with residents adopting Bitcoin and stablecoins for remittances, savings, and daily transactions, according to Crypto for Innovation.
Iranian on-chain data indicates citizens are shifting to self-custody practices as the rial collapse mirrors patterns observed in Lebanon, where peer-to-peer Bitcoin trades exploded in Telegram groups and underground economies during the banking freeze. The trend provides an alternative when traditional systems impose withdrawal limits or devalue deposits, according to Ainvest.
Yazbeck is the founder of The Bitcoin Way, a consultancy focused on Bitcoin self-custody cybersecurity and strategies for financial sovereignty. He has spoken at major Bitcoin conferences including BTC Prague and Bitcoin MENA and brings over 25 years of experience in cybersecurity helping individuals secure assets outside traditional banking systems, according to The Bitcoin Way.
