Iran’s grip over the Strait of Hormuz, one of the most important oil maritime transit choke points, remains firm. FT reported last week that Iran intends to charge a toll for passing, and Bitcoin was named the currency of choice. Here’s why this surprising turn of events has been predicted by Bitcoiners for over a decade.
On April 8, FT published a report titled “Iran demands crypto fees for ships passing Hormuz during ceasefire,” except it wasn’t crypto, it was Bitcoin. The report covered developments during the current two-week ceasefire in the war between the United States, Israel, and Iran, specifically over the Strait of Hormuz, which pre-war saw 20% of global oil flow through in tankers, supplying Europe, Asia, and much of the world. Iran as the article stated intents to charge a toll for ships to be allowed passage through Hormuz a key geographic choke point which Iran has tight control over via long range missles, underwater mines and attack drone technologies.
The report included an interview with Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, who told FT what oil vessels need to share inventory data with Iran and pay a $1 fee per barril of oil in Bitcoin to be allowed safe passate through Hormuz; “Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in Bitcoin, ensuring they can’t be traced or confiscated due to sanctions.”
