Iran Threatens 90% Uranium Enrichment; Bitcoin Investors Watch

On May 12, a spokesperson for Iran’s parliamentary Foreign Policy Committee warned Tehran would move to 90% uranium enrichment in response to any provocation by the United States or Israel. President Donald Trump rejected Tehran’s latest diplomatic proposal and gave the existing ceasefire a “one percent chance” of surviving. Iran reported the figures to the International Atomic Energy Agency (IAEA).

Iran told the IAEA it holds 440.9 kilograms of uranium enriched to 60%. Technical assessments indicate that most of the separative work to enrich uranium is done by the time it reaches 60% purity. Experts estimate about 99% of the separative work is complete at that level, and that 440.9 kg of 60% material could be enough for roughly nine weapons if processed to weapons-grade levels.

Iran’s overall enriched uranium inventory has grown since the United States left the 2015 nuclear agreement in 2018. Reported figures show Iran has accumulated about 11,000 kilograms of enriched uranium since 2018. Monthly production of 60% enriched uranium was about 9 kilograms as of November 2024; Iranian officials and analysts say new centrifuge technology under deployment could push output above 34 kilograms per month.

Financial markets are monitoring the dispute. Previous confrontations between Iran and Israel coincided with short-lived spikes in Bitcoin prices. Iran has expanded cryptocurrency mining operations using heavily subsidized energy to power mining farms. Mined Bitcoin can move outside the traditional banking system, presenting a channel for value transfer that is harder to restrict through standard financial sanctions.

The U.S. Treasury’s Office of Foreign Assets Control has targeted specific crypto wallet addresses tied to Iranian entities and has signaled additional targeted measures are possible. Such actions may create near-term regulatory pressure on privacy-focused tokens and decentralized trading platforms that do not enforce know-your-customer checks.

Energy markets are another transmission path. Iran is a major crude oil producer; any disruption to its output or to regional shipping routes could raise global oil prices. Higher fuel and electricity costs increase the break-even price for Bitcoin mining, squeezing miners with high power costs while benefiting operations with long-term, low-cost energy contracts.

The IAEA continues to monitor declared Iranian facilities and inventories. Governments and markets are tracking diplomatic statements, reported stockpiles and technical developments, including centrifuge upgrades, that affect timelines for higher enrichment levels.