For the past week, there have been numerous reports that North Korean leader Kim Jong-un is dead. The rumors stem from his absence from the public eye for two weeks now.
Some in the crypto market believe that if true, and Kim Jong-un is dead, it could trigger a Bitcoin sell-off. By far and large this will lead to a wider market dump as most altcoins follow Bitcoin’s trend.
So far, the claim that Kim Jong-un is dead claim remains a rumor. The facts are that he has been absent from the public eye for two weeks now which is unusual.
His absence comes just after he underwent heart surgery. Lastly, his country borders China where the COVID-19 pandemic started. Although North Korea has been clear that there have not been any confirmed cases, experts find it unlikely.
It has been reported that China has sent a team of doctors to check on the leader and his condition following his surgery. This alleged team is yet to offer an update.
It is also important to note that Kim has previously gone in the dark only to appear weeks later.
What Of Bitcoin If Kim Jong-un Is Dead
North Korea for the last few years has found an ingenious way to circumnavigate U.S sanctions through cryptocurrencies. it is believed to hold a substantial amount and to be a major miner.
The United Nations had estimated that North Korea has as much as $600 million held in cryptocurrencies as of 2019. Much of what it holds is Bitcoin.
If there is a leadership change, the chaos that would ensue a change could see a huge need for fiat liquidity leading to a massive sell-off of the stash the kingdom currently holds.
This makes it clear that Kim Jong-un’s death could lead to a major impact on Bitcoin. For now, the market can only wait to see if we start seeing Bitcoin being flooded and/or an official announcement of Kim Jong-un is dead being made official