Bulgaria overwhelmed – the government possesses 3 billion USD in Bitcoin

This article was published on: 12/11/17 6:06 PM

Łukasz MirytiukWritten by | bitcoin, cryptocurrency, news

Bulgaria overwhelmed - the government possesses 3 billion USD in Bitcoin

Bulgarian government is in shock since they have found out they are holding the amount of more than 200 thousand Bitcoins, which is over 3 billion USD.

The situation gets even more interesting when considering the fact that this money is 18 percent of Bulgarian GDP.

The Bulgarian government owes exactly 213519 BTC, which confiscated by Bulgarian services in the beginning of this year, from organized crime group. The criminals were hacking into private computers and bank accounts and transferring the money around whole Yugoslavian countries. To avoid being tracked by the Police they were buying Bitcoins with it. Unfortunately for the villains the Bulgarian Police was smarter than them and they identified the group and confiscated the money. The money that nobody really cared about until Bitcoin exchange rate skyrocketed for the last few months.

In May this year the amount of confiscated Bitcoins was worth 500 million dollars, and today it is worth almost 3,5 billion dollars. Bulgarian GDP for 2016 was 52.4 billion dollars.

The real concern right now is what Bulgaria is going to do with this money. Economists and Bitcoin investors fear that they may try to monetize the cryptocurrency which would be a real Bitcoin flood on the market. That probably would cause the enormous drop of Bitcoin price. Bulgarian government haven’t released any official statement on that case yet.

 

 

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Last modified: December 15, 2017

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