Bulgaria is silently stockpiling Bitcoins. The Bitcoin reserve of the nation has surpassed its gold reverse. This is reported first in the history of the world. The reports surfaced on 21st July.
Bulgaria is reported to have a stock of 200,000 Bitcoins whose price is $2 billion in today’s date. They seized it from a criminal gang in 2017, while their gold stock is 40 tones whose value is 1.8 billion dollars. This makes them the first country in the world to have more stock of Bitcoin than gold.
The country seized BTC from the systematized criminal group of Romania, Greece, Macedonia, and Serbia during the operation PRATKA. The criminals were trying to recruit corrupt officials from the aforementioned countries to infiltrate into the customs computer system. The strict vigilance of the Bulgarian officials disrupted all their plans and seized 200,000 BTC from the virtual space.
The criminal chooses Bitcoin to save and invest the money as it is challenging to track and follow the cryptocurrencies in the virtual space. And they can make a good profit as the cost of Bitcoin is also very high.
The government officials did not publicize any clear picture of the scenario, how Bitcoin was seized, but they only mentioned that the equipment, devices of communication, and computers were detained.
At present Britain has a gold reserve of $12.8 billion whereas Bulgaria has $2.5 billion. But if in the future Bitcoin price surges to $100,000 then Bulgaria’s bitcoin reserve may surpass the gold reserve of Britain. Although at present they are the second-largest owner of Bitcoin.
European Law enforcement agency first reported about the above news. The fact which makes the story more interesting is the Bulgarian authorities are not making any definite statement about the holdings. As per the reports, there is no such wallet in Bulgaria which has 200,000 BTC in it. It may also happen that the authorities have split the stash into multiple wallets.
Earlier, the US also had acquired some amount of bitcoin from the darknet but sold them with time. The question arises here why Bulgaria is not playing smart and selling off instead of holding it.
However, unless the government of the nation gives any satisfactory explanation about the report, we have to believe they are the first country in the world to have a gold reserve less than Bitcoins.