Jim Rickards has a long history working in the fields of intelligence, finance, and global strategy. He played a role in creating the PetroDollar system during the 1970s.
Which makes what he said this week particularly interesting.
When asked about the currencies Iran might be accepting in exchange for allowing oil tankers to pass through the Strait of Hormuz, Rickards considered the possibilities. He suggested it could be Bitcoin, Tether, or perhaps Ripple.
He suggested Ripple, like Bitcoin and Tether, could be used to settle energy transactions between countries.
The Context Matters
Rickards was talking about a recent Financial Times report that Iran had started charging ships a fee to pass through the Strait of Hormuz, and was asking for payment in cryptocurrency. The specific type of cryptocurrency wasn’t mentioned in the initial report, but Rickards was considering the possibilities as he spoke.
His analysis showed it wasn’t just *which* cryptocurrency Iran used, but *that* they were still setting oil prices in dollars. Even if Iran accepts crypto for payment, a dollar-priced barrel of oil still involves a dollar-based transaction – it doesn’t remove them from the dollar system.
He explained that while people might try to avoid using the U.S. dollar, it remains the base currency for everything, including cryptocurrencies. Ultimately, everything comes back to the dollar’s value.
He also questioned Tether directly, pointing out that its largest investor is Howard Lutnik, who also serves as a US Secretary of Commerce. This raises a concern: if Iran is using Tether to pay for oil, it’s potentially sending money through a system connected to the very US government it’s attempting to avoid.
He questioned whether Iran would start using Tether, suggesting they might demand payment in the cryptocurrency for its oil, and implied this would be a somewhat absurd situation.
Why Ripple Matters in This Conversation
Those who support Ripple believe its presence on Rickards’ list wasn’t a coincidence. XRP and the XRP Ledger were built to enable quick and inexpensive international payments, especially between banks and other financial institutions. Transactions are completed in just three to five seconds, and the network currently serves over 300 financial institutions with its payment system.
It’s unclear if Iran is currently using Ripple. Jim Rickards was offering a possibility, not stating a fact. However, his suggestion – as a former CIA contractor and someone involved in creating the PetroDollar system – that Ripple could be a replacement for dollar-based oil transactions is a significant observation.
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2026-04-09 18:52