Iran is now accepting crypto for Strait of Ormuz tolls and Tom Lee calls the bottom.

This is Coin Desk Daily. I'm Jen Sanasi.

Iran is confirmed it's accepting Bitcoin and stable coins as toll payment from cargo ships that are passing through the Strait of Ormuz.

They'll be charging $1 per barrel of oil carried with the largest tankers owing up to $2 million per transit.

Experts say the move fits seamlessly into Tehran's existing sanctions of Asian infrastructure.

Now, according to chain analysis, the Islamic Revolutionary Guard Corps has been using

crypto at commercial scale for years.

An IRGC-affiliated financiated $178 million in Iranian oil sales using crypto addresses

in just a single year.

And Chainalus's head of national security intelligence, Andrew Fehrman, said the regime

operates a network of wallets sophisticated enough that they don't even need to use exchanges.

USD stable coins give Iran access to dollar-denominated trade without ever touching the Western

banking system. Fundstrath, Tom Lee, is calling the bottom on the stock market, and if he's right,

crypto stands to benefit directly. Lee said the Iran ceasefire means the bottom is in for equities.

He explains that stocks rose from mid-March through early April, even as oil surged amid

escalating geopolitical conflict in the Middle East. The ceasefire then produced an equity rally

and an oil crash with Bitcoin surging past $72,000 alongside the move. The chairman of Bitmine

immersion technologies also announced

that the company will begin trading on the New York Stock Exchange today after being uplisted.

Bitmine is now one of the most traded stocks in the United States with almost a $10 billion market cap.

And Morgan Stanley spot Bitcoin ETF began trading yesterday and pulled in $34 million in inflows.

MSBT also logged more than 1.6 million shares traded on day one.

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