Bitcoin has definitely made it to the big time in 2017 as mainstream media ran reports and televised debates on the meteoric rise of the world’s number one cryptocurrency. Speculators and observers have put forward suggestions on what has caused these price surges, and one of them has been North Korea’s estranged leader, Kim Jong-un.
Although markets have corrected somewhat, Bitcoin has still seen gains of around 1600% since this time last year when it traded at just over $800. There has been a lot of speculation over the reasons for this gain, including the growing fervor among investors and anticipation of broader uses for digital currencies in the near future.
According to reports, international sanctions on North Korea to derail its nuclear program have resulted in the regime seeking “side businesses” to gain additional funding. These could include drug trafficking, endangered species trading, money laundering, currency counterfeiting, cyber piracy, and cryptocurrency theft. To function, the system needs to gain access to cryptocurrencies, then pump up the prices to maximize its returns. Finally, it needs to dispose of its crypto and receive the hard currency the regime so desperately desires, according to TechCrunch.
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