The crypto sector is closely watching reports that Iran may accept Bitcoin payments from oil tankers crossing the Strait of Hormuz, a vital shipping lane that carries nearly 20% of global oil supply. The discussion began after a report from Financial Times claimed Iranian authorities were considering Bitcoin payments to bypass sanctions imposed by the United States.
Conflicting Reports on Bitcoin, Stablecoins, and Yuan Payments
Alex Thorn, head of firmwide research at Galaxy Digital, noted that conflicting information suggests tolls might also be payable in stablecoins or Chinese yuan. Thorn said his team is monitoring blockchain activity for signs of large transactions linked to tanker passage fees.
Meanwhile, Bitcoin advocate Justin Bechler argued that stablecoins like USDT and USDC include blacklist controls allowing issuers to freeze funds, making Bitcoin more attractive because it lacks a central authority or freeze function.
Payment Methods Could Use Lightning or QR Codes
Thorn estimated tanker tolls could range from $200,000 to $2 million. Because ships reportedly have only seconds to complete payment, analysts suggest the Lightning Network could be used, though its largest recorded transfer so far is about $1 million. More likely, authorities would issue QR codes or Bitcoin addresses to vessels before passage.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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