Is Kim Jong Un dead? What could that mean for Bitcoin?
Could the price of Bitcoin and North Korea soon be tied together?
The leader of North Korea is either dead or very close to being dead...
At least those are the reports that are coming out today.
We have known that Kim Jong Un was gravely ill for days and weeks now...
However, today it sounds like things have taken a turn for the worse.
According to several sources, (albeit questionable sources) Kim Jong Un has now passed away due to a botched heart surgery:
(Source: https://www.google.com/search)
Whether that is true or not remains to be seen, but we will likely find out more in the coming hours.
If that is indeed true could that somehow impact bitcoin?
Normally, that might sound ridiculous, but when looking a bit deeper, it's probably not.
You see, according to reports out a few months ago, North Korea has accumulated roughly $700 million worth of bitcoin and other cryptocurrencies via hacking.
They were responsible for some of the exchange hacks we have seen over the past couple years.
More on that can be seen here:
The accumulation of cryptocurrencies was supposedly being done to avoid the heavy sanctions being levied on the country.
If Kim Jong Un is no longer calling the shots, there is a non zero chance that they no longer need that stockpile of crypto.
Who knows would will happen if/when someone else steps in and takes over.
If they are radically different in their line of thinking than Jong Un, it is entirely possible they decide to dump their crypto holdings.
Or, if the sanctions are no longer being levied on the country due to a change in leadership, there would be no reason for them to hold on to their stash...
(Source: https://twitter.com/russian_market/status/1254117627368280064)
What do I think?
Personally I find it hard to believe they will be dumping large amounts of bitcoin on the market any time soon.
For one, I think that even if Kim Jong Un is really dead, whoever takes his place will mostly be an extension of the same thoughts and ideals.
That's just how it has been with North Korea for decades, long before Jong Un came into power, and I don't see that changing any time soon.
However, I do agree that there is a non zero chance that if he is indeed dead something could potentially happen with those crypto stock piles.
News outlets are already starting to run with the idea that him dying could negatively impact bitcoin...
We shall see, but I personally don't see much of anything happening in that regard.
Stay informed my friends.
Image Source:
-Doc
Very interesting indeed.
I haven't seen any indication that the rumours are true in credible news sources... As a journalist myself I give zero credibility to random Google Search results.
There haven't been many, it appears to be mostly speculation though citing their sources, they mentioned someone with credible connections told them he was likely dead. It appears he is either dead or in a vegetative state.
Most of the speculation is just propaganda and false news... Everyone who knows anything about internal affairs in North Korea knows that if something big happens, they will announce it themselves... If North Korean leader dies, military activity will increase.
It's been proven to be fake news.
By who? North Korea? The previous leader was dead for 3 days before they officially announced it.