Bulgarian Government Has Second Biggest Bitcoin (BTC) Bag in The World
Bulgari is Considered to Have the Second Largest Stash of Bitcoin in the World
Bulgari has been famous for its sandy beaches and also the hearty cuisine that fills the city. But this is not all it is now renowned for as it owns the second largest stash of Bitcoin, that is found in the world.
A Little Down Memory Lane
If we look as far back, well concerning Bitcoin, and if you are the kind of person who follows the history of the crypto market, then you should know that Satoshi Nakamoto has been considered to have the largest hoard. But to be honest who really knows that Bulgaria actually comes second on this current list?
At the moment the Bulgarian government is resting on a large stash of the Bitcoin, that is able to make the other countries around envious, this is including the United States. The authorities of the country started the collection of Bitcoin while they have been cracking down the illegal activities that have been taking place in the country. The reason being most of the criminals were being paid in this crypto coin.
The series of arrest started in mid of 2017 which initially led to the capture of about 213,519 BTC; this is according to a report by Novinite. If we change this to the current rate in the market, it can be equivalent to about a billion and a half dollars.
The Bulgarian Government Has Been Collecting The Crypto-Coin
The only thing is we are not certain that the government of this country correctly made use of the coins they have collected. But if they actually have been retaining all these coins they have collected the could actually pay about 25% of its current national debt in just one night.
The current Bitcoin hoard in the country has been able to surpass what the United States has. The reason being, when the US seizes these coins they immediately auction the coins, they do not store them. Just a few months ago, the US Marshalls was able to run an auction that was able to sell about 2,200 BTC.
Some of the money that was auctioned off partly belonged to Shaun Bridges. This is a secret service agent who was able to steal some of the proceeds that were from the 144,000-Bitcoin takedown of the Silk Road, which is a darknet marketplace taken down by the FBI.
At the moment it has not been made clear on the plans that the Bulgarian government has with the large stash of coins they have been collecting. But it could be the country will hold to use it on a rainy day.
The other entity that has been able to have a large stash like this country is BitFinex. This is an exchange platform that currently has about 163,000 BTC in their wallet, which we could say is just over $1 billion. The platform has ensured that this particular wallet has been kept safely away in a cold storage, which might be used in the event there is a breach in the market.