Impact of North Korea on Bitcoins
Nov 05, 2017 Posted / 2915 Views
Bitcoin is very active in creating buzz about itself. From the price fluctuations to the recent hard fork, Bitcoin doesn’t leave us unsatisfied in terms of the news regarding its evolution as well as developments happening in the digital world. The unstable world of cryptocurrencies and especially Bitcoin has left people to play with it, both in terms of speculations and to manipulate or create a way to conduct activities via it. Bitcoin exchanges have become a point of the target by North Korea, which is not something unknown. Whether it is a hacker or a terrorist, the digital nature of this currency has given people to take the authority in their hands and use it as they want it. North Korean hackers had targeted South Korean Bitcoin exchanges, which has been confirmed by the South Korean police. North Korea has been declared guilty of turning to digital currencies in cash-strapped times because of the sanctions from multiple countries and the United Nations in the wake of its nuclear and missile programs.
The stress between North Korea and the US has heightened over the weekend with a rise in the bitcoin price.
The protract issues between the US and North Korea has reached new levels in recent months, as the leaders of both nations have insulted each other and North Korea has continued to demonstrate its nuclear capabilities. President Trump had done something unexpected by tweeting that Secretary Tillerson is “wasting his time trying to negotiate with Little Rocket Man,” as he often refers to North Korean Leader Kim Jong Un. Giving a review on previous presidents each of whom Trump says did not properly address the threat of North Korea’s nuclear program Trump declared that he “won’t fail” in a tweet.
Though it is very tough to predict the impact of global volatility on the bitcoin price, North Korea and Bitcoin prices are regularly correlated. Last month in September the bitcoin price surged $260 on the same day that a North Korean diplomat accused the US of taking actions equivalent to declaring war. Unlawful activities do not hamper the price of Bitcoin, but when a sensational link up is done between North Korea and the US regarding Bitcoin, in some way it surely impacts Bitcoin.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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