Greg's Corner

Is a rogue state exerting undue influence on Bitcoin?

Cryptocurrency Bitcoin is back in the news this week after its advocates celebrated the fact that its value has risen past the $2,000 mark for the first time in its seven-year history. Many claim it’s due to policy changes in Japan and China that have made it easier for traders to buy into Bitcoin. However, could there be a more nefarious reason behind the surge?

Bitcoin made headlines prior to this due to the WannaCry ransomware attack. The cyber-extortionists asked for $300 to $600 in Bitcoin as he ransom for your encrypted files. While the attack is said to have failed in terms of netting the attackers a king’s ransom, what if that was only part of their plan?

Security experts are now saying the code within the WannaCry attack traces back to a state sponsored hacking group in North Korea. The hermit kingdom has been in a state of financial distress for decades now with even neighboring China cutting back on support. With so many businesses now attempting to keep Bitcoin on hand in case of another such attack, is this the real reason the price has surged? Without a ‘legitimate’ regulating body Bitcoin is subject to wild price fluctuations which could potentially lead any state-sponsored group to strong-arm the price into rising or falling depending on their needs. Could North Korea be trying to use the surge in Bitcoin to make some money for themselves? It’s not out of the realm of possibility.