The current geopolitical unrest has led the world to identify emerging safe haven assets besides silver and gold. Statistically, Bitcoin has gained significant momentum as the US-Iran War continues to rage on, with many Iranians exploring Bitcoin to safeguard their interests amid heightened escalation. This BTC use case caught the eye of the world, with many debating whether Bitcoin has now started to showcase its true positioning. That being said, another novel BTC use case is now gaining momentum, with Iran demanding payments in Bitcoin for ships to pass the strait of Hormuz. With such lucrative BTC narratives taking shape, has the era of Bitcoin finally arrived?
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Iran Demanding Tolls In Bitcoin: Details
Per a recent FT report, Hamid Hosseini, a spokesperson for Iran’s Oil, Gas, and Petrochemical Products Exporters’ Union, shared how Iran may ask ships to pay tolls in BTC as it wishes to retain control over the Strait of Hormuz. This process will follow a set methodology where ships intending to pass through SoH will have to email the Iranian authorities first with their cargo details. The tariff has been set at $1 per barrel. These barrels will later be assessed and checked first, with ships being granted a few minutes to pay their tariffs in BTC.
In addition to this, any vessel trying to bypass the SoH through unvalidated means will be “destroyed,” per reports.
Arkham later simplified the math behind the scenes, adding how a normal cargo ship contains nearly 3M barrels of oil. This will allow Iran to earn nearly $3M worth of BTC for each ship, making it a lucrative deal.
New Regulations Set By Iran
Arkham later cited Martin Kelly’s, head of advisory at maritime intelligence group EOS Risk, statement, sharing that this regulation will only permit 10-15 ships to pass in a day. Earlier, nearly 135 ships could pass through the Strait of Hormuz each day.
Bitcoin Dominance Is Growing?
Iran’s new ordeals towards embracing Bitcoin at such a critical time signal renewed interest towards the asset. The fact that Bitcoin was trusted at a time when geo-political unrest was at its peak showcases how the asset is now slowly evolving into a dignified financial instrument worthy of trust and faith.
“Iran is charging $2M per ship to cross the Strait of Hormuz, and they want it in Bitcoin. At $72,000 per BTC, each ship is 27.7 BTC. Pre-crisis, 130 ships crossed daily. Daily: 3,611 BTC. Monthly: 108,333 BTC. Yearly: 1.3 million BTC. The entire Bitcoin network only mines 450 BTC per day. Iran would accumulate 8x the monthly mining supply. Every month. A sanctioned nation building a Bitcoin treasury through a toll booth. This is the most important geopolitical Bitcoin story nobody is talking about.”
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