Hormuz has become crypto's biggest real-world application. The transit fee for oil tankers through Hormuz might be charged per barrel, with payment options including BTC, stablecoins, or RMB, at around $1 per barrel. Iran is pretty smart—since the 1973 oil crisis, energy has been more than just a commodity. Whoever controls oil settlement controls global cash flow. But bitcoin:native could arguably be the biggest beneficiary aside from Iran. The USD managed to dominate global trade largely thanks to its role in energy settlement. Even capturing a small fraction of the USD settlement ecosystem could double BTC's valuation. Of course, if this situation continues to escalate, the market's focus will likely remain on energy costs and rate cut expectations, which might not necessarily spill over into the crypto market.