Would you believe that North Korea of all nations could be part of the major driving forces behind Bitcoin's current price surge?
Japan and Korea have been buying more Bitcoins
There is no doubt about the fact that Bitcoin 's price will surely continue to rise as there is more demand. However the current price growth of Bitcoin has been exponential from below $2,000 to over $4,200.
Such a jump in the price is not as a result of the normal factors accounting for Bitcoins' growth but due to sudden rapid activity among the Bitcoin community.
When analysed and traced it is revealed that the sudden increase in Bitcoin transactions is coming from Japan and Korea.
Here is the breakdown of the transactions volume according to CryptoCompare:
- Japanese yen accounted for upto 46% of all of Bitcoin's global trades,
- US-dollar bitcoin trade accounted for about 25 percent,
- Chinese yuan and South Korean won accounted for about 12 percent each.
What does North Korea have to do with Bitcoin?
According to analysts, the tension between North Korea and the US has led to many Korean seeking for alternative ways to preserve their money, as a precaution in the event of any unfortunate military action.
The last Korean war was a disaster in which Koreans learned not to trust governments and for this reason Koreans and their Japanese counterparts could be buying up Bitcoin which they see as the only truly global currency which is decentralized enough to be reliable, and even survive even a nuclear war.
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Ha!
read our analysis of Block Stream's Bitcoin broadcasting satellite system > https://steemit.com/bitcoin/@blockrush/block-stream-launches-bitcoin-satellite-to-broadcast-bitcoin-transactions-from-space-blockrush
4k dollars and going up. Imagine if the war is declared?
stop that, you are hoping for war so Bitcoin's price can boom?!
read our analysis of Block Stream's Bitcoin broadcasting satellite system > https://steemit.com/bitcoin/@blockrush/block-stream-launches-bitcoin-satellite-to-broadcast-bitcoin-transactions-from-space-blockrush
Go BTC!
read our analysis of Block Stream's Bitcoin broadcasting satellite system > https://steemit.com/bitcoin/@blockrush/block-stream-launches-bitcoin-satellite-to-broadcast-bitcoin-transactions-from-space-blockrush