Arthur Hayes Demands Transaction Proof Before Believing Iran Is Charging Bitcoin Tolls

Iran’s demand for Bitcoin payments from ships passing through the Strait of Hormuz is spreading across crypto and geopolitical circles. But Arthur Hayes is not convinced yet.

According to a Financial Times report, vessels transiting the strait are required to pay a $1-per-barrel oil toll in Bitcoin, with payment due within seconds of receiving an email from Iranian authorities. Ships that attempt passage without approval, according to a radio broadcast sent to tankers in the Gulf, face destruction. Between 300 and 400 vessels are currently reported to be waiting to exit the Gulf.

Hayes, the BitMEX co-founder, cut straight to the point. “I’ll believe Iran is charging a toll in BTC when I see a transaction linked to a vessel’s toll payment,” he wrote on X. He said that otherwise it would simply be the IRGC mocking the Western fiat financial system.

The Counter Argument Is Interesting

Hayes’ skepticism drew an immediate and thoughtful reasoning from one observer.

“Wait, but isn’t the point that they do not want transactions linked to vessels?” one user responded. They argued that sovereign actors using Bitcoin for settlement would not broadcast transactions, as doing so would undermine efforts to bypass sanctions.

It’s a reasonable point. If Iran is using Bitcoin to bypass sanctions, it would avoid publishing transaction data that links specific vessels to payments.

PetroBitcoin Has Arrived

Analyst Tim Warren framed the development more dramatically, calling it the arrival of PetroBitcoin. “Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in Bitcoin, ensuring they cannot be traced or confiscated due to sanctions,” he wrote.

Whether the report is accurate, exaggerated, or a deliberate signal designed to unsettle Western financial markets is still being debated. The Strait of Hormuz handles roughly 20% of global oil trade. The Bab el Mandeb, also under pressure, handles another 10%.

Related: Iran Eyes Bitcoin Toll for Strait of Hormuz Oil Transit