Historical Bitcoin to North Korean Won Price Movement
The BTC/KPW currency pair represents Bitcoin’s valuation against the North Korean Won (KPW). Due to North Korea’s isolated economy, strict capital controls, and international sanctions, formal Bitcoin trading within the country is non-existent. However, Bitcoin is often linked to North Korean cyber activities, mining operations, and illicit channels. BTC/KPW valuation is more theoretical, reflecting black-market exchange rates rather than official metrics.
Historical Overview of BTC/KPW Price Trends
2017–2019: Sanctions and Cyber-Driven Accumulation
- BTC/KPW was estimated at KPW 75 million in 2017 through unofficial market valuations.
- North Korean hacking groups, such as Lazarus, reportedly accumulated Bitcoin through cyber heists and ransomware attacks.
- Sanctions limited North Korea’s access to global financial systems, making Bitcoin a valuable tool for bypassing restrictions.
2020–2021: Bull Run and Mining Expansion
- BTC/KPW’s shadow valuation surged to KPW 380 million by late 2021, following global Bitcoin bullish trends.
- North Korea reportedly intensified small-scale crypto mining operations to generate foreign reserves amid tightening sanctions.
- Illicit crypto transactions became a critical avenue for acquiring foreign currencies and funding state activities.
2022: Market Correction and Continued Illicit Usage
- BTC/KPW corrected to KPW 290 million in line with global Bitcoin downturns.
- North Korean cyber-attacks targeting cryptocurrency exchanges persisted, reflecting state-backed strategies for crypto accumulation.
- Despite international monitoring, Bitcoin continued to be a financial lifeline amid economic isolation.
2023: Stabilization and Enhanced Cyber Operations
- BTC/KPW stabilized around KPW 330 million amid improving global market conditions.
- Reports indicated sophisticated laundering tactics employed by North Korean cyber groups to convert Bitcoin into usable foreign currencies.
- Global agencies increased efforts to track and sanction crypto wallets linked to North Korea.
2024–2025 (YTD): Halving Rally and Geopolitical Exploitation
- BTC/KPW surged to an estimated KPW 530 million following the 2024 Bitcoin halving event.
- As of April 2025, BTC/KPW fluctuates between KPW 525–530 million based on black-market currency valuations.
- Geopolitical tensions and tightening sanctions continue to drive North Korea’s reliance on Bitcoin for international transactions.
BTC/KPW Yearly Comparison Table
| Year | Avg. Price (KPW) | Year High | Year Low | Annual Performance | Market Factors |
|---|---|---|---|---|---|
| 2017 | KPW 70 million | KPW 75 million | KPW 50 million | ✅ Cyber-driven | Sanctions bypass |
| 2021 | KPW 370 million | KPW 380 million | KPW 200 million | ✅ Bull run peak | Mining & cyber activities |
| 2022 | KPW 285 million | KPW 290 million | KPW 270 million | ❌ Correction | Illicit accumulation |
| 2023 | KPW 325 million | KPW 330 million | KPW 320 million | ✅ Stabilization | Enhanced laundering tactics |
| 2025* | KPW 527.5 million | KPW 530 million | KPW 525 million | ✅ Halving momentum | Geopolitical exploitation |
Key Factors Driving BTC/KPW Valuation
- International Sanctions – Bitcoin provides North Korea with an alternative to circumvent global financial restrictions.
- Cyber Heists and Ransomware – State-sponsored hacking groups leverage cyber-attacks to acquire Bitcoin illicitly.
- Small-scale Mining – Mining operations within North Korea contribute to Bitcoin accumulation strategies.
- Black Market Dependency – BTC/KPW valuations are tied to unofficial currency exchange markets due to lack of formal financial channels.
- Global Monitoring Efforts – Increased scrutiny by global agencies affects the flow and usage of illicitly obtained Bitcoin.
BTC/KPW Market Structure Insights (2025)
- All BTC/KPW transactions occur through underground networks and illicit channels.
- North Korean entities deploy complex laundering mechanisms to convert Bitcoin into usable assets internationally.
- Global cybersecurity collaborations aim to track and freeze Bitcoin wallets linked to North Korea.
- The use of privacy coins and advanced obfuscation tactics complicates enforcement actions.