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๐ค How could the Strait of Hormuz affect Bitcoinโฆ
If Iran starts accepting payment for tanker passage through the Strait of Hormuz in BTC (, as written in FT) :
โ $1 tolls for each barrel of oil = approximately $20m per day.
โ Thatโs about 281 BTC per day at current prices โ 62% of all newly mined BTC in a day.
โ Miners generate about 450 BTC every 24 hours.
Iran is able to create steady demand for hundreds of BTC per day and strengthen the supply shortage factor.
If stablecoins can be frozen or restricted at the level of states, then countries and large players need a neutral settlement assetโhere, Bitcoin looks logical.