In a landmark geopolitical escalation, Iran has issued a formal demand for Bitcoin payments from vessels seeking passage through the Strait of Hormuz—a critical chokepoint for global oil shipments. This unprecedented move, leveraging cryptocurrency as a tool of statecraft amid ongoing U.S.-Iran tensions, signals a seismic shift in Bitcoin's real-world utility and could accelerate its adoption as a sanctioned safe-haven asset.
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.
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.
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 = 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… pic.twitter.com/pl3vtPiMtY
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