Is North Korea behind in the explosion of bitcoin prices?

TechCrunch website observers believe that North Korea’s supreme leader Kim Jong Un is behind bitcoin price gains. In the field of cryptocurrencies, the most noteworthy recent explosive news is that natural non-Bitcoin and so many other digital currencies have skyrocketed. Since the beginning of 2017, the price of bitcoin has skyrocketed 20 times and has now reached 20,000 US dollars per bit.

Although bitcoin prices started to decline in the first few days of 2018, the prices were still significantly higher than the same period in 2017. There are many factors contributing to this situation, including the growing enthusiasm of investors and the expectations of related industries for introducing digital currency to a wider range of other application levels in the near future.

The TechCrunch website speculates that under pressure from large-scale economic sanctions from the international community due to the development of nuclear weapons, the North Korean government has been striving to find more “sideline businesses” to enrich its own treasury. One of them is probably internet piracy.

Against this backdrop, it is not surprising that the North Korean government has been hoarding digital currencies on a large scale and trying to raise the prices of such assets, and some of these currencies will also continue to fund their political activities.

TechCrunch believes North Korea’s government is likely to have a dedicated hacking organization that steals such digital money and is aggressively bitcoin and other cryptocurrency ecosystems to extract as many crypto-currency assets as it can. Earlier, a wave of spear phishing targeting Bitcoin traders had serious repercussions, and hacking by South Korea’s Youbit and other South Korean targets was likely to be curated by North Korea’s government.

Asian market drives the world

In addition to theft activities, the cryptocurrency sector has also shown a more diversified development trend. Data show that the cryptocurrency yield over the past few months has been directly affected by a series of activities in the Asian market.

Data collected by TechCrunch shows that the digital currency in Asia is being driven by “the desire to get quick returns and the lack of other desirable investment opportunities,” as well as “instability and uncertainty in the North Korea issue.” Help

North Korea is likely to further push up the price of digital currencies through a series of manipulations – including the continued turmoil in international markets and the constant currency hacking of digital currency exchanges with traditional banks – in order to capitalize on the relatively strong anonymity of such assets to illegally hold.

Reference: TechCrunch