Recent reports indicate that Iran is considering a Bitcoin-based toll system for vessels navigating the crucial Strait of Hormuz, but experts are questioning whether this represents a genuine shift or merely speculation.
The cryptocurrency community was abuzz on Wednesday following an article from The Financial Times, which claimed that Iran intends to require shipping companies to pay fees in cryptocurrencies, including Bitcoin, for safe passage through the Strait of Hormuz—a key maritime route responsible for 20% of global oil transport. Initial negotiations reportedly begin at $1 per barrel.
Some advocates within the Bitcoin community welcomed this development. Jack Mallers, founder and CEO of Strike and a long-time supporter of Bitcoin, highlighted its censorship-resistant nature by stating on X that “there is no second best.”
Moreover, Bandar Abbas, an Iranian port city, has been marked on the $BTC Map—an open-source initiative designed to help users find physical businesses accepting Bitcoin. A comment on the map’s website expressed enthusiasm with “Would sail again.”
The Petrocoin pic.twitter.com/BXeXJAUTYN
— SF Hodl (@sf_hodl) April 8, 2026
However, some blockchain intelligence analysts who focus on identifying sanctions evasion have cast doubt over whether significant amounts of Bitcoin transactions are actually taking place between Iranian entities and shipping firms seeking passage through the strait.
Ari Redbord from TRM Labs expressed skepticism during an interview with Decrypt, stating: “We don’t have data at this point indicating that crypto is being used at scale for something like transit tolls through the Strait of Hormuz.” He believes Iran may be signaling openness towards using cryptocurrency as a payment method consistent with broader tactics aimed at evading sanctions. For instance, last year’s report by blockchain analysis firm Elliptic revealed Russia utilized $8 billion in crypto to circumvent sanctions and influence elections in Moldova.
A separate March report from Chainalysis also indicated that countries under sanctions such as Iran and North Korea had increased their use of cryptocurrencies last year; illicit addresses received approximately $154 billion during this period.
Bitcoin or Crypto?
This skepticism was echoed by Udi Wertheimer—a pro-Bitcoin advocate and co-founder of Taproot Wizards—who pointed out to Decrypt that Hamid Hosseini mentioned in The Financial Times writes does not officially represent the Iranian government.
Instead,Hosseini serves as a spokesperson for Iran’s Oil Exporters’ Union which collaborates closely with governmental bodies. This raises concerns about potential miscommunication regarding what was reported.
“I haven’t seen any official saying that it’s even remotely a thing,” he noted. “It’s possible he heard from his sources about stablecoins being used without fully grasping distinctions between crypto types.”
The potential adoption of Bitcoin could align with Iran’s increasing interest in digital currencies amid ongoing conflicts lasting over five weeks now; according to Bloomberg’s recent reports citing informed sources , oil tankers have been utilizing Chinese yuan along with cryptocurrencies (specifically stablecoins) as payment methods when securing naval escorts through these waters .
Despite claims surrounding these payments—and even amidst announcements regarding two-week ceasefires made recently by President Donald Trump—traffic levels within this strategic waterway remain low according Sal Mercogliano ,a maritime historian based out Campbell University located North Carolina .
In video posted onto X platform earlier today,Mercogliano remarked : “we’re just seeing minor increases here concerning ship counts,” adding they fall significantly short compared pre-war figures . Meanwhile traders operating Myriad prediction market owned Dastan parent company Decrypt foresaw nearly seventy percent likelihood Wednesday suggesting seven-day moving average transit calls would exceed fifteen before month concludes ; odds peaked around ninety percent just yesterday!