According to Priscilla Moriuchi, North Korea might own Bitcoins worth at least $ 120 million. According to her, the king commands more than 11,000 Bitcoins. Depending on the valuation, it can easily be over $ 120 million.
According to her, the country is invested in Bitcoins to support the nuclear as well as the ballistic program.
Owing to the volatile nature of the cryptocurrency, she believes that there are plenty of opportunities for the nation to liquidate those Bitcoin holdings.
At the peak, the Bitcoin portfolio was worth $ 210 million. However, currently, it is just above $ 120 million.
She works for a company by the name of Recorded Future. The company operates in the cyber threat intelligence space. According to her, North Korea might not have bought all of those Bitcoins. It would have mined and had plenty of them as well.
Just last year, it was accused of initiating the Wannacry cyber-attack which crippled NHS computers all across the UK. The country is also accused of trying to hack into the systems of the bank of Bangladesh. This was way back in 2015.
According to her, once a proper regulatory framework is present in the cryptocurrency space, it will be easier to track that back to North Korea. Till then, however, there is no way to find out about the holdings of the company or the transactions which have been initiated by the country. The Bitcoin holdings of the country will remain entirely anonymous unless and until there is a proper regulatory framework which is created in order to track the Bitcoin transactions.
While it was always suspected that North Korea is holding Bitcoins but the exact quantum was not known to anyone. Even now, this quantum is not verified. However, now that we have a number, we can judge the extent of cryptocurrency Holdings of North Korea. Also, this is just a pertaining to Bitcoin. We do not know for sure whether North Korea has invested in other cryptocurrencies or whether it is just invested in Bitcoins.
If indeed, it is invested in other cryptocurrencies as well, the overall portfolio size will be much larger. Also, this means that North Korea can easily control the price of various cryptocurrencies in the shorter term.