Bulgaria’s Lost $25B Bitcoin Fortune
Bulgaria sold 213,500 BTC in 2018. Today, it's worth $25B—enough to clear the nation's entire public debt.
- Bulgaria sold 213,500 BTC in 2018 at a low market price
- The BTC is now worth over $25 billion
- That amount could erase Bulgaria’s entire public debt
In 2018, the Bulgarian government reportedly sold 213,500 Bitcoin it had seized during a criminal investigation. At the time, Bitcoin was trading for around $8,000, which would have brought in roughly $1.7 billion from the sale. Fast forward to today, and those same coins are worth over $25 billion.
If the government had held onto the digital assets, the value would be enough to wipe out Bulgaria’s entire public debt, which is currently around $20 billion. The situation is sparking global conversation about the long-term value of cryptocurrencies and missed financial opportunities tied to early sell-offs.
Why Did Bulgaria Sell the Bitcoin?
The Bitcoin was confiscated during a crackdown on organized cybercrime. Reports indicate the government decided to auction off the assets quickly, likely due to legal pressure and regulatory uncertainty around crypto in 2018.
At that time, the volatility of Bitcoin made it a risky asset to hold in public accounts. But in hindsight, many view this as a major missed opportunity for financial transformation.
What This Means for Crypto and Governments
Bulgaria’s Bitcoin sale highlights a broader issue: governments often lack a clear strategy for handling seized digital assets. As cryptocurrencies become more widely accepted, some countries may start holding rather than selling their crypto assets to benefit from future gains.
This event also serves as a cautionary tale for nations and institutions looking to liquidate assets too early. The opportunity cost of selling Bitcoin in its early years has proven to be enormous—not just for private investors but for entire governments.
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