Bulgarian Govt Sitting on $1.7 Billion Worth of Bitcoin

Two years ago, in May 2017, the Bulgarian government conducted a raid on illegal Bitcoin activities and seized more than 200,000 Bitcoins that are now worth around $1.7 billion. As they are now in possession of such a large sum of Bitcoin, the nation is sitting on a huge sum of money that puts them on the path to take over the UKs gold reserves.

A press release at the time said:

“Members of this organized criminal group invested money from illegal activities into Bitcoin, and the authorities discovered about 200,000 bitcoins. The authorities have searched more than 100 addresses, suspects and vehicles. They have confiscated a large amount of money and equipment, communications equipment, computers, tablets, bank documents, etc. 23 suspects were arrested, 5 of whom were Bulgarian customs officers.”

It is estimated that the British gold reserves are in the range of $13 billion, so it could be a while before they are trumped by Bulgaria, but even so, it is clear that the government now has the potential to gain access to a much bigger sum by simply holding the tokens.

But across the pond, the US government sold its collection of Bitcoins for $50 million in 2015-16.

A public address for these tokens isn’t known as of yet though.

Governments & Crypto

The popular crypto figure Anthony Pompliano has said that the governments might be buying into Bitcoin.

Earlier this month, the Morgan Creek co-founder Anthony Pompliano took to Twitter to say that one government will have bought into Bitcoin by now as he said:

My guess is that at least one large government has already bought a significant amount of Bitcoin.

Eventually they will all follow.

— Pomp 🌪 (@APompliano) May 10, 2019

As we mentioned above, the Bulgarian government is sitting on a huge sum of crypto thanks to 23 individuals reportedly creating a virus that affected government systems.