04-19-2026Price:

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BITCOIN

Iran deal paves Bitcoin settlement rail

Sunday, April 19, 2026 · from 5 podcasts
5 SOURCESBitcoin AndBreaking PointsWhat Bitcoin DidBanklessNo Agenda
  • Bitcoin is being used to settle oil flows through the Strait of Hormuz, bypassing traditional dollar rails.
  • Iran now accepts Bitcoin and yuan for transit, breaking 50 years of petrodollar dominance.
  • The US Treasury is sidelining the Fed to fund deficits with artificially low rates.

The Strait of Hormuz is open, but the rules have changed. After Iran’s blockade threat, a quiet shift has taken hold: oil shipments are now being settled in Bitcoin and Chinese yuan. According to David Bennett on Bitcoin And, Iranian officials are demanding Bitcoin-based tolls for passage - transforming the asset from speculative hedge to operational trade instrument in real time.

This isn’t theoretical. Jeff Ross on What Bitcoin Did notes that Karg Island, through which 90% of Iran’s oil flows, has become a geopolitical thermostat. Control it, and you control energy leverage over China. But instead of invasion, the US is using financial strangulation - Operation Economic Fury - as Adam Curry calls it on No Agenda. Secondary sanctions now target any bank moving Iranian oil, while the DFC launches a $40 billion reinsurance scheme to undercut Lloyd’s of London.

The petrodollar is cracking. For decades, oil had to be bought in dollars. Now, Iran accepts Bitcoin and yuan. As Ross observes, this is the first open breach since the 1970s. Even more telling, the US isn’t stopping it - because the military recognizes China’s strength, and the Treasury sees an opening to reshape global flows.

The dollar system is being remade from within. Treasury Secretary Scott Bessent is manipulating the yield curve, flooding markets with short-term bills to keep rates low. As Ross argues, this neuters the Fed and enables financial repression - effectively taxing bondholders to fund a domestic industrial buildup. Debt is no longer a liability; it’s policy.

"The Treasury is now setting rates. The Fed is irrelevant."

- Jeff Ross, What Bitcoin Did

Meanwhile, the US is embracing stablecoins as a new arm of fiscal power. Ross contends that Tether and USDC are now vehicles for global demand in T-bills - foreign capital buys stablecoins, which are backed by short-term Treasuries. The system funds American deficits while diluting purchasing power over time.

Back in New York, Mayor Zohran Mamdani’s $5 million luxury home tax proves symbolic. Billionaires scream, but the real shift is quieter: Bitcoin is no longer a protest asset. It’s a settlement layer for oil, a tool for sanctioned states, and now, a pillar of great power competition. The financial world didn’t collapse. It evolved.

"We are witnessing the first time since the 1970s that oil is openly traded in currencies other than the dollar."

- Jeff Ross, What Bitcoin Did

ProtocolPoliticsMacro
David BennettTetherWorldcoinBitcoinUSDCChinaFederal ReserveIranStrait of Hormuz

Source Intelligence

- Deep dive into what was said in the episodes

Bitcoin And | Bitcoin & Economic News
Bitcoin And | Bitcoin & Economic News

Retail: Round 2 | Bitcoin News • Apr 17

  • Citi Group analysis found that a portfolio allocation split between gold and Bitcoin improves returns in bond bull markets and provides resilience during bear steepening cycles tied to fiscal concerns.
  • Citi analyst Alex Saunders noted Bitcoin has risen 9% over the past two months while spot gold declined 4%, and that Bitcoin often outperforms gold when bond markets weaken.
  • The narrative that Iran would require Bitcoin-based tolls for oil shipments through the Strait of Hormuz, attributed to an Iranian energy union official, was repeatedly amplified by global media, shifting Bitcoin's perception toward a geopolitical instrument.
  • The U.S. government moved 8 Bitcoin linked to the 2016 Bitfinex hack, worth $606,000, to Coinbase Prime, raising questions about its intended destination despite court-mandated restitution to Bitfinex.
  • The U.S. government holds seized cryptocurrency valued at about $24.5 billion, which it said would form part of a national strategic Bitcoin reserve.
  • TRM Labs data shows around $141 billion in stablecoin transactions last year were linked to illicit activity, and investigator ZachXBT documented approximately $420 million in suspicious USDC flows since 2022 that went unblocked.
  • SEC Chair Paul Atkins launched an official podcast, signaling a regulatory shift toward cooperation, with the agency dismissing high-profile crypto cases and seeing enforcement actions fall 22% and monetary relief drop to $2.7 billion from $8.2 billion.
  • Charles Schwab is launching direct spot Bitcoin and Ethereum trading for retail clients through its Schwab Crypto platform, with Paxos handling sub-custody and a transaction fee of 20 basis points.
  • In the Roman Storm acquittal hearing, the defense argued only 15% of Tornado Cash's transaction volume during the contested period was illicit, questioning what threshold constitutes criminal intent.
  • A security researcher discovered sophisticated counterfeit Ledger Nano S Plus devices on a Chinese marketplace, featuring tampered hardware and firmware designed to steal seed phrases via a malicious Ledger Live app.
  • David Bennett reported a bot attack caused Fountain's API to backlog Podcast Index with 500,000 polling requests, preventing his last two episodes from distributing and cratering his download numbers.
Also from this episode: (5)

War (2)

  • Iranian Foreign Minister Syed Abbas Aragotchi declared the Strait of Hormuz 'completely open' for the remaining one week of the ceasefire, which sent West Texas Intermediate crude down nearly 10% to $85.90 a barrel.
  • The U.S. and Iran are negotiating a plan that includes the U.S. releasing $20 billion in frozen Iranian funds in return for Iran giving up its stockpile of enriched uranium.

BTC Markets (1)

  • Bitcoin derivatives data shows funding rates on perpetual futures have remained negative for over six weeks, indicating persistent bearish positioning that historically precedes upward breakouts as short sellers cover.

Stablecoins (2)

  • Circle faces a class action lawsuit from Drift Protocol investors who lost $285 million in an April 1 exploit, accusing the firm of failing to freeze stolen USDC during an eight-hour cross-chain transfer window.
  • Tether committed up to $127.5 million and other partners $20 million to help recover funds from the Drift Protocol hack, with CEO Paolo Arduino positioning Tether as more responsive than Circle.
BTC MarketsStablecoinsMacroRegulation
Breaking Points with Krystal and Saagar
Breaking Points with Krystal and Saagar

4/17/26: Iran OPENS STRAIT, Zohran Triggers Billionaire Crashout, College Grad Unemployment Apocalypse, AOC Flamed On Pelosi Replacement • Apr 17

  • Krystal argues that even with a deal, Israel's goal remains the collapse of the Iranian government. She says Israel views a conflict-ending deal as unacceptable and will act as a spoiler, especially given shifting US political sentiment.
  • A War Powers Resolution vote on the Iran operation failed 213-214. The hosts suggest retiring Democrat Jared Golden was chosen to cast the decisive pro-war vote to shield other Democrats from political backlash.
  • New York City Mayor Zohran Mamdani announced a 'pied-à-terre' tax on luxury properties worth over $5 million whose owners don't live there full-time. The tax is projected to raise at least $500 million annually for city services.
  • Krystal argues the backlash from billionaires like Linda Yaccarino and Donald Trump to the pied-à-terre tax proves its political effectiveness. She says the tax is a tiny burden for the ultra-wealthy but a potent symbolic victory for Mamdani.
  • Senator Mark Warner predicts recent college graduate unemployment could reach 30% within two years. He claims CEOs privately plan significant job eliminations and have drastically reduced new hire classes.
  • Alexandria Ocasio-Cortez declined to endorse her former chief of staff, Shycott Chakerbody, in his congressional primary. She gave a non-answer about her broader role, which the hosts interpret as a sign of personal friction and political reticence.
  • Krystal argues AOC has withdrawn from media combat and lacks the political instincts of a movement leader. She says AOC's avoidance of difficult public engagements and her non-endorsement reveal an unwillingness to lead under pressure.
  • The hosts discuss the risks and merits of Ro Khanna's coalition-building with figures like Marjorie Taylor Greene on anti-war issues. Krystal sees danger in affiliating too closely with Greene's past views, while Emily sees potential for positive influence.
Also from this episode: (3)

Diplomacy (2)

  • Iran's foreign minister announced the Strait of Hormuz is open for commercial traffic for the remaining period of the Israel-Lebanon ceasefire, and President Trump thanked Iran and expressed optimism about a deal.
  • A proposed US-Iran deal framework involves a $20 billion cash-for-uranium swap. The US would release frozen Iranian funds in return for Iran giving up its stockpile of enriched uranium, with some shipped to a third country and some down-blended domestically.

AI & Tech (1)

  • Krystal argues that AI-driven job displacement necessitates a radical rethinking of the social contract and public ownership of technology, not just promises of future universal high income from tech oligarchs.
AgentsMacroDiplomacyStartups
What Bitcoin Did
What Bitcoin Did

Danny Knowles

This Is The End Of The Dollar System | Jeff Ross • Apr 17

  • Jeff Ross, a fund manager, argues the 100-day moving average is a key technical resistance level for Bitcoin. He notes Bitcoin was rejected at that level in late October and mid-January 2025, and saw another tentative cross on the day of recording.
  • Ross expects Bitcoin's bear market to persist, predicting one more leg down to sub-$60k levels. He bases this on negative momentum, tightening liquidity, and a strengthening dollar, though he acknowledges a recent dollar break lower could support risk assets.
  • He outlines a 'three burners' macro framework: liquidity, manufacturing PMI, and leverage. Ross sees the 'liquidity blob' expanding due to U.S. fiscal war spending, a recovery in the ISM Manufacturing PMI above 50, and a resurgence in bank lending.
  • Ross believes the U.S. is entering a period of 'structural inflation' in the 3-6% CPI range, driven by costly onshoring of manufacturing and military buildup. He argues this environment necessitates eventual yield curve control, a form of financial repression that erodes citizen purchasing power.
  • Ross forecasts a multipolar end to U.S. dollar hegemony, with oil increasingly traded in yuan and gold. He interprets U.S. inaction over yuan-based Strait of Hormuz payments as tacit acceptance of this new reality, marking the end of the petrodollar system.
  • He views the Federal Reserve as currently irrelevant, 'neutered' by the Treasury, and expects it to become a tool for yield curve control only when war borrowing overwhelms private demand for U.S. debt.
  • Ross argues AI-driven 'jobless recovery' will create a desperate white-collar class, necessitating a wealth redistribution like UBI. He claims this is not socialist dogma but a pragmatic response to humans competing against superior AI, citing potential civil unrest.
  • He references a historical theory that a hegemon's decline begins when its debt interest payments exceed military spending, a threshold the U.S. has now crossed.
Also from this episode: (1)

War (1)

  • He asserts the U.S. is already in World War III, a conflict seeded in 2008 and marked by proxy wars. Ross predicts a U.S. move to seize Iran's Karg Island to control the Strait of Hormuz, aiming to pressure Iran and gain leverage over China, which is dependent on oil imports.
MacroTradeWarMarkets
Bankless
Bankless

ROLLUP: Markets at ATHs | Saylor’s STRC Bid | Trump DeFi Scandal | SEC Clears DeFi • Apr 17

  • The S&P 500 reached new all-time highs this week, rebounding from a 9.67% drop in the past 10 days, erasing the entire Iran war sell-off. NASDAQ also hit new all-time highs.
  • US oil exports hit all-time highs as Middle Eastern oil demand rerouted, contributing to a perceived domestic economic boom. Oil prices, while still elevated from pre-war levels, are on the lower end of wartime pricing.
  • The US blockade of the Strait of Hormuz places immense economic pressure on Iran, impacting 90% of its $110 billion annual trade, 80% of government export earnings, and 24% of its GDP.
  • Bitmine, led by Tom Lee, has accumulated 4.1% of Ethereum's total supply, staking 60% of it, and generates $250-300 million annually from staking rewards. Bitmine has taken the lead in the Ethereum accumulation race, outperforming competitors like Sharplink and Sbet.
  • Bitcoin community member Jameson Lop proposed BIP 361 to address the quantum threat, phasing in restrictions over five years. It would first prevent new funds from being sent to 7.1 million quantum-vulnerable Bitcoin addresses, then freeze existing coins, forcing users to move funds to quantum-safe addresses.
  • Incoming Fed Chair nominee Kevin Warsh's financial disclosure revealed holdings in over 30 crypto projects, including Compound, DYDX, and Solana, despite not holding Bitcoin or Ether directly.
Also from this episode: (6)

War (1)

  • The market recovery follows de-escalation in the Iran conflict, including a maintained ceasefire despite failed negotiations. The US also blockaded the Strait of Hormuz, shifting oil demand to American exports.

BTC Markets (1)

  • Michael Saylor's MicroStrategy product, STRC, has become a dominant instrument, representing over 40% of the firm's preferred stock market cap and enabling continuous Bitcoin purchases. Its current trading volume nearly equals MicroStrategy's common equity.

Markets (1)

  • Coffeezilla criticizes STRC, arguing it's marketed as a risk-free money market with 11.5% interest, but it's a stock with no obligation to repay principal, creating an unsustainable yield snowball.

Regulation (2)

  • World Liberty Financial (WFLI), a Trump family DeFi project, borrowed $150 million in USDC from Dolomite by minting and collateralizing $400 million in WFLI tokens with zero cost basis, resembling an FTX-style 'rug pull.'
  • The SEC, under Paul Atkins, provided guidance that DeFi interfaces are not broker-dealers if they route transactions fairly and neutrally without making opinionated choices. This gives clarity to projects like Uniswap, SushiSwap, MetaMask, and Phantom.

Custody (1)

  • Justin Sun, an early investor in World Liberty Financial, had $9 million of his WFLI tokens frozen by the project. The project claims this is 'FUD' and that the tokens are not near liquidation.
BTC MarketsMacroRegulation
No Agenda Show
No Agenda Show

Adam Curry

1860 - "micro-dosing" • Apr 16

  • Hosts analyze the US blockade of Iran, framing it as an economic 'Operation Economic Fury' targeting oil revenue and shifting from kinetic military action to stringent financial sanctions and secondary sanctions on banks.
  • The US established a $40 billion reinsurance program through the DFC for ships in the Strait of Hormuz, intended to profit while undercutting Lloyd's of London and restoring shipping confidence.
  • Adam Curry speculates the real US motive for the Iran blockade is to enforce dollar-denominated oil payments, noting China bought over 90% of Iranian oil and received warning letters from the US Treasury.
  • The UAE has frozen Iranian-linked assets, shutting down a dollar-based payment rail through Dubai that previously helped Iran bypass Swift sanctions, potentially under US pressure.
  • Adam Curry deconstructs the takedown of Eric Swalwell, citing multiple sexual assault allegations, a leaked hotel room video, and pressure from his own party during California's gubernatorial race.
  • John Dvorak points to Tulsi Gabbard's report detailing a years-long coup against Trump orchestrated by Obama-era officials using manufactured intelligence, which he says media ignores.
  • Media figures are attacking Trump over AI-generated imagery depicting him with Jesus, using it to question his cognitive state, a tactic the hosts compare to earlier smears.
  • A timeline analysis reveals a potential orchestrated pandemic playbook, from a doctor's report of strange pneumonia in China to a WHO-approved PCR test protocol in under 30 days.
Also from this episode: (7)

Health (1)

  • Adam Curry is recovering from surgery, having liters of fluid drained from his lung cavity via thoracentesis procedures, with more scheduled.

BTC Markets (1)

  • John Dvorak highlights Trump-linked World Liberty Financial's deal with Pakistan to explore using its USD1 stablecoin for cross-border remittances, seeing a pattern of financial diplomacy.

Energy (3)

  • Fuel shortages and high prices from the Middle East conflict are causing widespread protests in Europe, exemplified by Irish farmers blockading roads and criticizing government climate policies.
  • EU Commission President Ursula von der Leyen responded to energy shortages by suggesting reduced demand, telling citizens to stay home, which the hosts mock as a return to lockdown logic.
  • The International Energy Agency warned Europe has about six weeks of jet fuel left if the Strait of Hormuz remains closed, threatening flight cancellations.

Elections (1)

  • Hosts allege a US-backed regime change in Hungary after Prime Minister Viktor Orban's landslide loss, noting the EU will now push to replace unanimous foreign policy vetoes with qualified majority voting.

Science (1)

  • Adam Curry links plummeting US birth rates, down 23% since 2007, to widespread SSRI use causing permanent post-SSRI sexual dysfunction and emotional blunting, not just social factors.
WarDiplomacyMacroStablecoinsCorruption

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