Bhutan’s Surge in Bitcoin Holdings
In a significant shift within the world of sovereign bitcoin ownership, Bhutan has recently increased its digital asset holdings, surpassing North Korea’s reserves. On May 2, Bhutan reported possession of 7,486 BTC, but following an internal reallocation, the country’s stash swelled to 12,062 BTC just ten days later with the addition of 4,576 BTC.
North Korea’s Declining Bitcoin Reserves
Conversely, North Korea’s Lazarus Group, notorious for its cyber activities aligned with Kim Jong Un’s regime, has been actively depleting its bitcoin reserves. Previously, on March 16, this group was the third largest holder of bitcoin globally, boasting 13,562 BTC. However, data from Arkham Intelligence indicates a significant reduction in their holdings, which currently stand at 7,813 BTC as of May 12 – a drop of 5,749 BTC over approximately two months.
Shifting Rankings and Future Implications
As a result of Bhutan’s increase and North Korea’s reduction, the rankings have shifted; Bhutan is now solidly in third place, while North Korea has slipped to fourth, despite still holding more bitcoin than El Salvador, which currently owns 6,174 BTC. North Korea’s Lazarus Group appears to be liquidating assets from its bitcoin wallets on a daily basis, making it feasible for El Salvador to potentially surpass Pyongyang in the rankings shortly if this trend continues. The Lazarus Group’s cryptocurrency portfolio also includes other digital assets, such as $8.98 million in ETH, but none are as valuable as their bitcoin reserves.
Overview of Global Bitcoin Holdings
The United States remains the dominant force with a staggering 198,012 BTC valued at approximately $20.38 billion, followed by the United Kingdom with 61,245 BTC worth around $6.29 billion. The contrasting trends of Bhutan’s strategic accumulation versus North Korea’s rapid asset liquidation reflect broader movements in the global bitcoin landscape.
While the U.S. and U.K. maintain substantial advantages, the ongoing declines in North Korea’s holdings suggest a lack of long-term strategy in retaining these digital assets, instead pointing to a more tactical approach of quick liquidation. As these changes unfold, smaller nations like El Salvador stand poised to make gains within the sovereign cryptocurrency hierarchy.
