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North Korea has risen to the fourth position globally in Bitcoin 
$108,847 holdings, surpassing Bhutan and El Salvador. According to data from Arkham Intelligence, the Lazarus Group, associated with North Korea, currently possesses 13,518 Bitcoins, valued in the billions of dollars. Former Binance CEO Changpeng Zhao’s statements have fueled discussions regarding North Korea’s new strategy in the cryptocurrency market.
North Korea’s Bitcoin Strategy
North Korea has effectively positioned itself in the global market by converting funds obtained through cyberattacks into Bitcoin. The Lazarus Group is known to have been involved in numerous high-profile cyber attacks in the past. Experts suggest that holding assets in Bitcoin may be part of the country’s strategy to avoid foreign trade and financial sanctions.
According to the Bank of Korea, the costs of converting Bitcoins to cash can significantly increase during critical market fluctuations. This suggests that North Korea’s ability to utilize its Bitcoin as cash could amplify its impact on the market. Market specialists indicate that sudden sales of such large reserves could directly influence Bitcoin prices.
Zhao’s comments further support this strategy. He mentioned that “a strategic cryptocurrency reserve is being created through various methods,” indicating that North Korea is operating within a long-term plan. These statements have led market players to monitor North Korea’s role in the Bitcoin market more closely.
Bitcoin Reserves and Global Dynamics
Bitcoin reserves are increasingly capturing the attention of more countries. The United States leads with 198,109 Bitcoins, while China follows with 195,000 Bitcoins, and the United Kingdom holds 61,245 Bitcoins. North Korea’s rapid rise in this ranking indicates a growing trend among states to view Bitcoin as a reserve asset.
Previously, El Salvador and Bhutan occupied the fourth and fifth positions. However, North Korea has altered this standing with Bitcoin assets gained from large-scale attacks by the Lazarus Group. Experts predict that if this trend continues, more countries may increase their Bitcoin reserves in the future.
This increase may lead to greater acceptance of Bitcoin by governments. For countries like North Korea facing sanctions, Bitcoin stands out as a value storage tool independent of traditional financial systems. However, how large reserves are utilized in the market could be decisive for future price movements.
