Bitcoin (CRYPTO:BTC) has ridden a wild ride lately. It hit an all-time high of $126,198 in October before crashing to around $60,000 in early February. Amid rising global tensions, it has risen to over $72,000 today. 

Geopolitics, regulation, and macro forces keep swinging the price. Yet a fresh development in the Middle East just handed crypto its biggest real-world utility test yet. What if one of the planet’s busiest shipping lanes started requiring Bitcoin payments? Iran is doing just that and some say it could move Bitcoin toward a six-figure price again.

Iran’s Crypto Toll Booth on the Strait of Hormuz

The Strait of Hormuz funnels roughly 21 million barrels of oil daily — about 20% of global supply. On Wednesday,…