Every sea power that lost its straits died the same way.
Portugal lost Hormuz → gone. Netherlands lost Dover → London took over. Spain lost Gibraltar → 300 years of irrelevance. Britain lost Singapore + Suez → empire over in 15 years.
The pattern: lose the strait → lose trade → lose the navy → lose everything.
Right now the US faces the same test at Hormuz. 20% of global crude. Block it, and oil + $BTC swing wild.
China bought insurance — pipelines, reserves, Middle East dependency cut to 50%. Japan and Korea? 85-95% exposed. Zero hedge.
Markets price hope. Not a deal