How Bitcoin is Tied to Global Energy Trade through Iran's Strait of Hormuz

Iran is moving crypto beyond just speculation and weaving it into the geopolitical framework on a national scale. The Strait of Hormuz is crucial, with about 20% of the world's oil passing through. Now, with bitcoin potentially being added as a required fee or a war risk insurance cost for global shipping, could this be Iran signaling bitcoin’s status as a global currency?

Since they are going to accept Bitcoin payment for insurance that is official announcement and indirectly they announced it as a global currency. I have shared a thread as well where yahoo published a news about this insurance fees. Iran want to raise $10B from the insurance fee, though the amount is quite big but I hope they could achieved their goal. The positive thing is, when Iran starts this Bitcoin payment, then all the countries will have to pay through Bitcoin as well. That means more countries have to involved with Bitcoin payment though they don't like it. For example my country doesn't allow using Bitcoin but if Iran force to pay through Bitcoin then my government have to pay it. So my government also would think to legalization of Bitcoin.

This is not just a simple question to answer. Iran is planing on making bitcoin to be the insurance payment of the ships that will pass through the Strait of Hormuz and which can let them earn billions of dollars within a year, but we do not yet know if this will become true or not true, although they are having such plans If it becomes true, this could be a gradual way of the world seeing how valuable bitcoin is. If Iran make enough money from bitcoin as it is also increasing, other people might also join. They may not use bitcoin fully, but it could be part of the money for the international trade. Gradually bitcoin will continue to increase more and the adoption will continue.

I feel like this is media hype and I keep asking a very simple question. How many ships have IRGC successfully accepted Bitcoin from to allow passage through the strait and I'm yet to receive a reply. Btw, there's an exiting thread about this: https://bitcointalk.org/index.php?topic=5579756.0 I would suggest you lock this thread and join the ongoing discussion.

Acceptance of Bitcoin by the Iranian government is the only last option they have that will be more suitable for them, considering the incidence of the sanction upon them, they know that their currency has no value and they cannot also depend on the use of USD at the same time, bitcoin being a decentralized currency is mostly applicable for them to use and they know the benefits the stand to gain as a result since it cannot be geopolitically influenced as a decentralized currency, this time around I think they are playing their card well by choosing bitcoin even though they are left without option to do so.

Iran's use of Bitcoin is more specifically aimed at evading Western sanctions. It's not simply about trading Bitcoin energy and then being done. Bitcoin may belong to anyone, but oil reserves remain the production of sovereign nations, and they typically want trade to prioritize their rules, which generally aren't just for profit margins but also to boost the economy as a whole.

Definitely, there's that angle because of the sanctions they are currently facing in the international scene. Now, it is up to them how they will utilize the features of btc to evade such sanctions. The first time that we've heard such usage was Russia because of the Ukraine-Russian war. And now, we are seeing it again with Iran. Of course, with the specs of btc and its features, it can very well suited to the needs of the countries which are evading the international sanctions. And it is up to them how they will utilize this digital currency for their own economic agenda.

The reason for that is simple, US threatens shipping firms with sanctions if they pay Iran tolls. If they told anyone they are paying for passage they will be sanctioned by the US, might even get chased all the way into strait of malacca. Or for another possibility, no ship want to pay passage because they are getting sanctioned eitherway, seems like paying for an even bigger problem.

Bitcoin is already a global currency if you ask me, that Iran is integrating Bitcoin into the oil sector due to the sanctions that has been placed on them. What Iran is doin is actually a survival means because Iranian oil has been sanctions a so the only way for Iran to sell their oil is via proxies, this is just a way to avoid selling their oil in the dollars. Iran is just looking for a way of escape, but what is sure when we talk about Bitcoin is that Bitcoin is a very viable option of payment, in the global stage. Bitcoin will used along side Fiat currency which will be used as a means of payment when it comes to international trade.