Iran's Bitcoin Payment Policy Boosts Demand and BTC Price Recovery

Iran's decision to accept Bitcoin as a payment method for toll fees in the Strait of Hormuz has sent shockwaves through the cryptocurrency market. The move, announced by the Financial Times, requires shipping companies to pay $1 per barrel of oil or $2 million per ship using Bitcoin.

The impact on demand could be significant, with 20 million barrels of oil passing through the Strait every day. According to Crypto commentator Lark Davis, this would translate to potentially $2 million worth of BTC being used daily, which is equivalent to 270 times the daily 1 BTC buy of El Salvador.

The bullish trend in the BTC price has been ongoing since March 30, with the price bouncing from $66,797 to above $70,000. The formation of a rounding bottom pattern suggests that the price could continue to rise if resistance at $74,884 is broken, potentially leading to an over 15% rally to $86,133.