Bulgaria is rarely the forefront of the news. Outside of the European migration crisis or political issues, that is. However, we’re not here to discuss that. Bulgaria is currently a very interesting subject because the country is currently sitting on a huge Bitcoin Horde and has been for a while now.
Back in May, Bulgaria seized a stash of 213,519 Bitcoins. At the time of that news initially being revealed, Bitcoin was valued at $2,354. That gave the haul a value of a little over $500 million. At the time of writing, Bitcoin is valued at $14,234. This huge increase gives the seizure a value of just over $3 billion.
###The Bulgarian Bitcoin Horde – What to Do?
Bulgaria currently has a national debt of roughly $16.5bn. There’s little doubting that this seizure, provided it’s sold at current rates, will prove to be a massive boon to the country. It’s currently believed that the government still has hold of the Bitcoins it seized. A Bulgarian blog, bivol.bg, indicated that the government would respond to questions regarding the seizure as a result of it being a part of an ongoing investigation.
Knowing that it is currently an ongoing investigation, plus the slow nature of any government decision, it’s unlikely that they will hit the market any time soon. However, it is also perfectly reasonable to assume these Bitcoins will eventually be sold. This is for a number of reasons.