Iran’s announced plan to charge oil tankers in bitcoin or Chinese yuan to pass through the Strait of Hormuz is attracting global attention because it blends geopolitics and cryptocurrency in a way rarely seen before.
Depending on messages sent to ships in the area, tankers may need to pay between about $0.50 and $1.50 per barrel of oil to pass through the narrow waterway. For larger ships, this could mean paying millions of dollars per voyage.
The warning was clear. Ships must pay quickly to gain approval. Those who attempt to pass without permission may face serious consequences. Currently, hundreds of ships are said to be waiting near the bay, unsure of how the situation will develop.
Why Bitcoin?
The idea behind this step is simple. By ordering bitcoin or yuan, Iran can bypass the traditional banking system, which is tightly controlled by Western countries and often used to enforce sanctions.
Instead of using dollars and bank transfers, payments will travel through alternative systems. In this case, this could mean direct cryptocurrency transfers or non-dollar settlement channels.
Social media feeds large numbers
The story spread quickly across the internet, especially in cryptocurrency circles.
One user on X He claimed that if Iran was charging about $2 million per ship, that would be equivalent to about 27 bitcoins at current prices. If about 130 ships pass through daily, as happened before tensions escalated, that could mean more than 3,600 bitcoins in daily payments.
For comparison, only about 450 Bitcoins are mined every day.
The user suggested that this could allow Iran to build up a large Bitcoin reserve over time. But these estimates are based on assumptions, and there is no evidence that this level of activity has occurred.
Does this really happen?
There are reports that some ships may already be using non-dollar payments to pass through the region, but details are limited.
It’s still not clear:
- How many ships will agree to pay
- Whether insurance companies will allow this
- How will governments respond?
Because of these unknowns, the plan may not scale easily.
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