Hormuz just made Bitcoin easier to understand. A $1 per barrel toll on pre-war Hormuz flows would generate about $20 million a day. At current prices, that is about 281 BTC. Bitcoin only issues 450 new BTC a day. If stablecoins can be frozen by the U.S., then neutral settlement matters. Bitcoin is the obvious candidate. So one geopolitical chokepoint could theoretically absorb about 62% of all new Bitcoin supply. Scarcity matters more as the world gets more fragmented.
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