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The Conversation
The Conversation
Peter Howson, Assistant Professor in International Development, Northumbria University, Newcastle

Crypto tolls in the Strait of Hormuz shows why bitcoin thrives in times of crisis

Bitcoin Crypto United States Hormuz Strait of Hormuz Donald Trump Iran Oil IRGC
QQMinh88 / shutterstock

Bitcoin has long been promised to function as money. In practice, it rarely does.

While 99% of transactions are still speculative trading, for as long as bitcoin has been a thing it has been used to skirt governments’ economic controls. Cryptocurrencies are particularly attractive for countries facing sanctions.

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