Is The ‘Bitcoin Boom’ Benefiting North Korea? Bitcoin investors and miners in North Korea are so happy that their ‘investment’ is hitting billions of dollars. Many of them are now celebrating. They believe that it is the right time to invest more in the cryptocurrency thing. Speculators and the world, in general, are also cheering. Some people in the crowd are wondering why they are not mining. They feel that they are late.
But these are not the only ones cheering. North Korea is also joining the bandwagon. Kim Jong Un, the North Korean leader, is also celebrating this news. In a couple of months now, North Korea is jumping into massive mining of the bitcoin. Above all, this is something most people are currently doing in the country.
But even as they continue to put their effort into mining, they want something bigger. By being busy in the extraction of the bitcoin, people of this Eastern country are demanding a ransom. Officials say that people are working mining the digital currency. They are demanding it as a ransom at the same time. Lee Dong –geun, the Director with a South Korea Internet Security Agency says that North Korea is making deliberate actions.
“It is a fact that North Korea continues to attack virtual currency exchanges. We don’t know how much North Korea is stealing so far. But at least we do know that the police are confirming the regime’s hacking attempts,” says Lee Dong. If what Lee Dong-gun is saying is the truth, then there is a danger. North Korea is where the digital currency is born. The growth and the benefiting of other people is the cause of this.
Many of the beneficiaries of the digital currency transactions happen elsewhere. There is digital coin activity in North Korea, but it is not like any other gambling markets outside the country. When officials talk of demanding a ransom, they mean it. That will show they want the digital coin should remain within. Investors are happy that as the fight of the digital currency intensifies, the price is stabilizing.
Experts are still not clear on the number of digital coins NK is amassing. They can confirm that the country is doing all it can do to ensure it has all its BTC in stores. Financial analysts warn that if this is left to happen, soon the circulation will be scarce. With a rare situation of the digital coin, the price will shoot once again. But this will be elusive because investors in NK will not hold to their investment forever. In its appropriate time, investors will release the coin. Most importantly, this is what will cause ‘bitcoin stampede’ thus weakening the price.
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These attacks are adding a new price figure to the coin. The coin comes into the market with the value of roughly $1, 000. Today, the amount of that is very close to $20, 000. What will they expect in the next few months? Above all, this is the question every person will ask themselves. Also, this is happening at a time when the CME is planning to launch its Bitcoin futures on Sunday, December 17, 2017.