According to an article published by Venturebeat, Bulgaria has now more than $3 billions worth of Bitcoin. During this spring, the government seized about 200,000 Bitcoins as part of a raid against a tax-evasion group. Yes. You read that right: 200,000 Bitcoins.
Back then, total value was about $500 millions, but now it's more than $3 billions.
Interestingly enough, Bulgaria's deficit is just a bit around $600 millions (source). Unloading all that Bitcoin on the market will suddenly make Bulgaria debt free and, even more, probably prosperous (provided communist cleptocracy will not silently hijack all of it).
But this raises a few very interesting questions: are states allowed to participate in the free market, just like anyone else? If Bitcoin could be used as a valid currency in projecting future deficits, it means it's already part of the macro-economy. Can we make state deficit projections taking this into account? Or, even if Bulgaria won't sell it, but it will take a loan in fiat (from, let's say, ECB) could that Bitcoin be used as collateral?
This can certainly make you head spin more than once, if you really think at it.
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