Bulgaria Becomes First Nation State To Hold More Bitcoin Than Gold In Its Coffers

  • Technically speaking, this is the first time a big-name country such as Bulgaria has placed more value in its digital asset pool than its gold reserves.
  • According to data released by SELEC (an international law enforcement organization) in 2017, the Bulgarian government has more than 200k Bitcoin under its control.

As per a report available online, Bulgaria’s total Bitcoin holdings exceed the country’s gold reserves. In this regard, it is worth pointing out that the European nation currently has under its possession a total of 213,519 bitcoins (estimated to be worth $2 Bln) while its gold reserves are estimated to be worth $1.8 billion (40 tonnes).

However, a few months after the above linked press release was made public, various local media outlets started asking the Bulgarian government a lot of questions regarding their alleged crypto holdings. For example, Bivol — a popular European investigative news journal — published an article back in December 2017 saying:

“In the refusal to provide public information, the Interior Ministry wrote that the requested data was specific information from an investigation into criminal proceedings – an investigative case on the inventory of the Investigative Prosecutor’s Department of Investigation.”

The Bulgarian government has tried to deny its involvement with the case and has said that it does not currently have ownership of the above mentioned BTC.

However, owing to Bitcoin’s transparent ledger history, it appears as though the European nation is looking to cover up its tracks and trying to wash its hands of any responsibility (that comes with owning such huge quantities of BTC).

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