The news has been buzzing with speculation surrounding Kim Jung-un, leader of North Korea. He missed the countrys Day of the Sun event on April 15, an important national holiday celebrating the Eternal President Kim Il-sung.
Since then, many have speculated that Jong-un might be dead. China has reportedly dispatched a team of medics to tend to Kim Jung-un after botched heart surgery [Fox News].
If the rumors are true, then North Koreas stability is in serious jeopardy. All the serious geopolitical implications notwithstanding, the country also holds a massive cryptocurrency stash. It may sell these assets off quickly if the leadership feels it is under threat.
In August 2019, a UN SecurityOnce you've bought or received bitcoins; you now need to keep them as safe as possible. This guide will provide... More Council Report estimated that the pariah state has stolen some $2B in cryptocurrency since 2015. It was even using these funds to bankroll its nuclear weapons program.
Its unclear how much cryptocurrency the country currently holds, but it is thought to be very significant and upwards of $670 million.
The fate of this cryptocurrency treasure trove may now be uncertain. In fact, according to some commentators, it may even be sold off on the market en masse.
However, many seemed to scoff at the idea. Most repliers the tweet saw it as an absurd scenario that could never happen. As one user jokes, North Korea also possesses uranium minesdoes that mean Kim Jung-Uns death will cause a selloff of uranium as well?
However, it should be noted that comparing uranium to Bitcoin is apples and oranges. Bitcoin can easily be sold off since it is a digital asset; uranium, on the other hand, would need to be physically moved.
North Koreas uranium supply also has little to no impact on global markets. The impact North Korea has had on the global cryptocurrency market historically, however, seems to be more significant.
Still, it seems unlikely North Korea would selloff its cryptocurrency holdings unless it was really desperate. We will have to see how the leadership of the country responds to this current crisisand whether the rumors surrounding Kim Jung-Uns death are even true at all.
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As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article.This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions. The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments including but not limited to any that appear in the contents of this article.
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