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Should bitcoin be afraid of Kim Jong-un’s death?

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Should bitcoin be afraid of Kim Jong-un's death?

Should bitcoin be afraid of Kim Jong-un’s death?
CONTENT

  • Markets are actively spreading rumors about the death or coma of the leader of the DPRK.

  • Pyongyang allegedly owns $ 670 million in cryptocurrency reserves.

  • Can the DPRK authorities take such a step as selling these reserves?

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Against the background of the latest rumors about the possible death of the leader of North Korea, members of the crypto community remembered that the DPRK owns cryptocurrency reserves worth about $ 670 million.

Should bitcoin be afraid of Kim Jong-un's death?

As is commonly believed in the crypto community, the reserves of bitcoin and other cryptocurrencies in North Korea are about $ 670 million, and possibly more. Now the representatives of the crypto space are involuntarily thinking about the further fate of these assets. The reason for this was the rumors actively circulated in the world media about the death of the leader of the DPRK Kim Jong-un..

Recall that the first fears on this topic began to appear after April 15, when the Korean leader missed the most important public holiday – Sun Day, celebrated in honor of the birthday of Kim Il Sung, “Sun of the Nation” and grandfather of Kim Jong Un. Subsequently, rumors only multiplied, and, according to the latest conspiracy theories, the head of the DPRK died or ended up in a coma as a result of an unsuccessful heart operation. [Fox News]

DPRK and cryptocurrencies

If these rumors do turn out to be true, North Korea could face serious geopolitical turmoil. Due to the country’s loss of current stability, the turn may reach the DPRK’s cryptocurrency reserves. First of all, the crypto community fears possible aggressive sales of these assets by Korea..

The history of the relationship between Pyongyang and digital assets has always attracted public attention due to the DPRK’s love of cybercrime. The United States has long accused Pyongyang of creating special hacker formations to attract funding to the country bypassing international sanctions.

Should Bitcoin be afraid of Kim Jong-un's death?

In this confrontation, even “ours” got it. In December last year, the FBI announced the arrest of one of the Ethereum developers Virgil Griffith, who allegedly conducted an educational program in the DPRK in order to help the Korean authorities more competently use blockchain technologies to circumvent sanctions.

According to the UN Security Council, as of August 2019, the amount of cryptocurrency funds stolen by North Korea since 2015 was about $ 2 billion.It is difficult to say what reserves the country has now, but a number of experts believe that Pyongyang may be one of the cryptocurrency whales … If all these assets are set in motion (of course, in the case of confirmation of the death of Kim Jong-un), the consequences could be felt by the entire crypto community, such commentators fear.

“Why did it happen?”

However, many refuse to take this idea seriously. Most of the responses to this alarmed Twitter post boiled down to the fact that such a scenario of aggressive sell-off of the Pyongyang cryptocurrency is absurd and will never be realized..

Thus, Alex Krüger, a popular trader in the crypto community, replied that the DPRK also owns a large reserve of uranium mines. Does this mean that Kim Jong-un’s death will also provoke uranium sales, he asks a counter question. Other pranksters joined him, predicting sales of fish and even beautiful women..

However, in all fairness, it should be noted that the comparison of bitcoin with uranium ore is incorrect, since the former is digital, and the latter is a physical asset that needs transportation..

Be that as it may, it is unlikely that the DPRK, even if the leader changes, will suddenly decide to take such a radical step as getting rid of all its cryptocurrency reserves – unless it is driven to a state of extreme despair and desperately needs cash. And finally, most likely, all this reasoning is purely hypothetical, and the leader Kim Jong-un is still alive.

Should Bitcoin be afraid of Kim Jong-un's death?

Do you believe in rumors of Kim Jong-un’s death? Are you afraid that this event could potentially affect the bitcoin rate? Share your opinion in the comments!

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