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A fresh wave of criticism hit crypto after Jon Stewart’s latest interview with actor-turned-critic Ben McKenzie, who argued that Bitcoin (BTC) and the broader ecosystem enable illicit finance and undermine institutions. As tensions around the Strait of Hormuz reshape global trade flows, Bitcoin has been moving in the opposite direction, pushing higher and reinforcing its role outside traditional systems. That contrast is exactly what’s driving the debate.

Criticism vs. reality

In the interview shared on YouTube on April 15, McKenzie framed crypto as a speculative system with roots in crime, as he pointed to early use cases like the Silk Road and modern concerns around sanctions evasion. He argued that pseudonymous transactions and weak oversight make crypto attractive to bad actors, from hackers to state-linked groups.

In his words:

“It’s all stupid. At the end of the day, you’re betting or putting money into it hoping to make money off of it through no work of your own, that’s an investment of some kind. (…) You’re really investing in the story of it and the belief that other people give it value.”

Stewart pushed the conversation further, tying crypto usage to real geopolitical scenarios, including energy trade disruptions and restricted financial access. But this is where the narrative splits, and critics focus on misuse. Markets, on the other hand, focus on utility.

Bitcoin doesn’t rely on shipping lanes, central banks, geopolitics, or approval from governments. It’s being tested in real time whenever traditional systems face pressure. The Strait of Hormuz situation is a clear example. Oil flows can be blocked and banking rails restricted. but Bitcoin will keep moving.

As Stewart pointed out:

“So cryptocurrency is a way to get around the legal barriers if you wanted to do something. Now, I guess the flip side of that might also be a way to get around. The Iranians are getting it from ships for crypto. I imagine the Iranian people might be able to use it to get around a repressive regime.”

Why Bitcoin thrives during global stress

Bitcoin is far from being a mere speculative asset or a “tech experiment” and has turned into a parallel system in its own right. When geopolitical friction rises, whether it’s sanctions, capital controls, or trade disruptions, alternative rails become more relevant.

Though not all of its usage is positive, the system remains neutral. The same properties that allow individuals in restrictive regimes to move money also allow states and organizations to bypass controls. That duality is uncomfortable, but it’s hardly unique to crypto. The US dollar has played a similar role globally for decades, just within a more controlled framework. What’s changed is accessibility.

The Stewart-McKenzie discussion highlights a growing divide. One side sees crypto as a flawed, exploitative system. The other sees it as resilient infrastructure that becomes more valuable when traditional systems break down. Markets, so far, are leaning toward the second view.