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This is REALLY BIG.
Iran charges toll fees to ships passing through the Strait of Hormuz, with payments made in Crypto according to FT.
The toll fees are reported to start from around $1 per barrel of oil, which is equivalent to about $2 million per large tanker.
On an average day, about 140 ships pass through the strait within 24 hours. For 140 ships, this can generate revenue of $280 million each day, or nearly $2 billion in Bitcoin or crypto per week.
Just like the US dollar today, countries will need to buy crypto to make these payments, which could significantly increase demand for any Crypto as reserve liquidity for international trade.
This could position crypto as a medium for global trade settlement, not just an investment asset.#GateSquareAprilPostingChallenge