Could Bitcoin react the same way it did when similar reports first surfaced?
While tensions between the United States and Iran continue without a clear resolution, and the broader impact on crypto markets remains largely negative, fresh reports suggest Bitcoin could now play a role in shipping activity through the Strait of Hormuz.
According to information cited from Iran’s semi official Fars News Agency, the country has reportedly launched a Bitcoin settled insurance service for vessels traveling through the strategically important waterway.
The initiative, known as “Hormuz Safe,” is designed to provide coverage for ships transiting the Strait of Hormuz. Some reports estimate the program could eventually generate more than $10 billion in revenue.
The Kobeissi Letter reported that the service is intended for Iranian shipping companies and cargo owners. Coverage would reportedly begin immediately after confirmation, with ship owners receiving signed proof of insurance.
Earlier reports from more than a month ago claimed that Iran was considering charging vessels passing through the Strait of Hormuz up to $2 million in Bitcoin.
However, the latest update did not clarify whether the newly introduced insurance service would replace those proposed transit fees or operate as an additional charge.
Bitcoin reacted strongly when the earlier reports first emerged, with prices jumping immediately after the news circulated.
The cryptocurrency has already rebounded by roughly $1,000 from its local low recorded earlier today. After briefly falling below $76,600, Bitcoin has recovered and is now trading around $77,700.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
