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However, as geopolitical developments in the Middle East continue to intersect with cryptocurrency markets, it has been claimed that Iran demanded Bitcoin payments through the Strait of Hormuz have sparked interest from people who want bitcoin.
An analysis has suggested that if Iran were to demand transit fees in Bitcoin for oil tankers and the current ceasefire would continue, it could earn about 4,000 $BTC within two weeks.
The two-week ceasefire period is reportedly said to be when Iran may ask for $1 per barrel from oil tankers passing through the Strait of Hormuz, which has been accused of demanding payment in Bitcoin. If full tankers were required to pay a fee for this, then empty tanker tanks would be allowed to pass free of charge. It would be reportedly very fast payment process, and transactions through Bitcoin would make it harder to track or seize assets under sanctions.
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The International Energy Agency estimates that if oil traffic in the Strait of Hormuz returns to normal during the ceasefire, about 20 million barrels of oil and petroleum products could be carried daily. Iran would make around $20 million a day of Bitcoin in this situation, with $280 million over two weeks. This is about 4,000 $BTC at current prices.
However, it should be noted that these calculations are purely theoretical and on the basis of normal market conditions. The practice will be based on factors like the exemption of empty tankers, whether it is being used, and how much geopolitical risks existing in the area would affect maritime traffic could significantly change the final figures. In addition, there is no official confirmation that the Bitcoin toll payment system will actually be implemented.
*This is not investment advice.
Thanks for reading If Iran’s Bitcoin Request via the Strait of Hormuz Were to Become a Reality How Much BTC Would Iran Receive? Here’s the Unconventional Calculation
