Galaxy Research Director: Iran's use of bitcoin for transit fees remains controversial

Galaxy Research Head Alex Thorn analyzed on platform X that reports regarding Iran requiring ships to pay the Strait of Hormuz transit fee with Bitcoin have yet to be fully verified. The Financial Times reported that Iran plans to charge a $1 fee per barrel of oil and requests payment in Bitcoin, but Bloomberg stated that settlements could be made with stablecoins or the Chinese yuan. Citrini Research noted that some ships have paid through the unfreezing of Iranian overseas assets, and TRM Labs indicated there is currently no evidence that cryptocurrencies are being widely used for such payments. Alex Thorn believes that if verified, Bitcoin has the advantage of censorship-resistant payments, but large-scale on-chain or Lightning Network payments still face limitations. Galaxy Research will cross-analyze vessel AIS data with on-chain transactions to verify the relevant situation.