- North Korea’s rise as the fourth largest Bitcoin holder sparks speculation about its potential Bitcoin reserve strategy amid growing crypto interest.
- Binance’s CZ hints at North Korea’s strategic Bitcoin accumulation, raising questions on its use as a reserve asset for circumventing financial systems.
Recent developments have sparked questions regarding North Korea’s growing Bitcoin holdings in the crypto market. The country’s sudden rise in Bitcoin accumulation, fueled by the notorious Lazarus Group’s recent actions, has made many wonder if North Korea is building a Bitcoin reserve.
Binance CEO Changpeng Zhao (CZ) recently commented on this speculation, amplifying discussions about the country’s strategic moves in the crypto space.
North Korea’s increasing Bitcoin reserves have caught the attention of the broad financial community. The country has become the fourth largest Bitcoin holder, surpassing Bhutan and El Salvador. According to reports, the Lazarus Group, a hacking entity with strong links to North Korea, now holds 13,518 BTC. Bitcoin’s current price is $83,263, which is currently valued at over $1 billion.
The Lazarus Group is notorious for its cybercrimes, including a recent hack of the Bybit exchange, as reported in our previous post, where $1.4 billion worth of Ethereum was stolen.
Most of these funds were converted into Bitcoin, showing a clear preference for the leading cryptocurrency. This conversion has raised concerns, prompting speculation about whether North Korea is positioning itself to establish a Bitcoin reserve, much like other global players.
CZ Comments on the Situation
Changpeng Zhao, the founder of Binance, recently took to social media to offer his thoughts on North Korea’s growing Bitcoin stash. His cryptic post on X (formerly Twitter) included a comment on “different ways to build a strategic crypto reserve,” accompanied by an emoji of laughter.
While his comment may have been jokey, it adds fuel to the layoff, with many interpreting it as a comic acknowledgment of North Korea’s unorthodox approach to securing digital assets.
Different ways to build a strategic crypto reserve. 
— CZ 
BNB (@cz_binance) March 17, 2025
Zhao’s comment suggests North Korea might be looking to store Bitcoin as part of a general geopolitical strategy. With its decentralized nature, Bitcoin allows countries like North Korea to circumvent traditional financial systems. However, Zhao’s tone implies that he might be surprised by the scale of Bitcoin accumulation in a country often seen as isolated from the global financial community.
Bitcoin and the Rise of North Korea’s Digital Assets
As North Korea’s Bitcoin holdings grow, it has become the world’s largest Bitcoin holder. The United States leads the pack with over 198,000 BTC, followed by China with 195,000 BTC. The United Kingdom holds 61,245 BTC. However, North Korea has overtaken countries like El Salvador and Bhutan in terms of Bitcoin holdings.
Despite its growing stash, North Korea is still far behind in Bitcoin holdings compared to the U.S. and China. The country’s climb to the fourth position in global Bitcoin holdings is likely a result of the Lazarus Group’s cyberattacks and its ability to acquire large amounts of Bitcoin covertly. However, the lack of transparency in these acquisitions leaves the question of North Korea’s intentions unclear.
Speculations About a Bitcoin Reserve
The surge in North Korea’s Bitcoin holdings has sparked debate within the cryptocurrency community. Some experts believe North Korea’s actions may be part of a larger plan to establish a Bitcoin reserve, similar to how other countries, including the U.S., have started accumulating Bitcoin as a hedge against traditional financial instability.
The timing of these acquisitions coincides with growing global interest in Bitcoin as a store of value, especially as concerns about the traditional banking system and fiat currencies continue to rise. North Korea’s Bitcoin holdings could safeguard the nation’s economic future while evading international sanctions.
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