Shocking Stories: Does Bulgaria Own 200,000 Bitcoin?

Bulgaria is best known in Europe for its rich history, enticing cuisine and beautiful coastline. But recently, the country also has a new title: prosperous crypto country, thanks to an unimaginably large confiscated fortune Bitcoin (BTC).

Seizure of a Crypto Asset

Revealed in 2017 a police operation dubbed “PRATKA/VIRUS” a shady criminal enterprise that infiltrated the country’s customs systems with viruses. 28 suspects were arrested and a large amount of equipment and cash were confiscated. Most notable, however, was the confiscation of the staggering amount of 213,519 BTC, which was worth about $500 million at the time. Today, that amount, which accounts for about 1% of the circulating bitcoin supply, is valued at about $5.3 billion.

To put this success in perspective, Bulgaria now owns more bitcoins than, for example, the United States, which had “only” 194,188 bitcoins on its balance sheet at its peak. This unexpected turn of events has put Bulgaria in the spotlight as a potential economic superpower in the world cryptocurrency.

A rich bitcoin future for Bulgaria?

If the experts’ predictions about the future price of Bitcoin come true, we’ll be happy stock to flow (S2F) by PlanB does, Bulgaria is sitting on a gold mine. At a Bitcoin price of $250,000, the country’s cryptocurrency treasury would reach $53.6 billion, which is about half of Bulgaria’s GDP in 2021 or triple the national debt in 2019. With one million US dollars, Bulgaria has a treasury of no less than 213 billion US dollars. An astronomical sum for any country, certainly for Bulgaria.

But as every investor knows, high returns come with high risk. Although the current value of the Bulgarian bitcoin wallet is impressive, it is crucial for the Bulgarian government to consider a diversified approach, both in terms of investments and technological development. Of course, the Bitcoin price can also fall further.

The history of Bulgaria illustrates the unpredictability and dynamism of the modern economy. A country that was once on the fringes in the world of digital currencies can now play a crucial role in the global financial landscape. Whatever the future holds for Bulgaria, one thing is certain: in the age of digital transformation, happiness can appear in the most unexpected of places.

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