This article examines Bulgaria's sale of 213,500 Bitcoins and the consequences of this decision, including the policies of other countries regarding cryptocurrencies.
Missed Opportunities in Bulgaria
In 2018, Bulgaria quietly sold 213,500 Bitcoins seized from a criminal syndicate, symbolizing a missed strategic opportunity. While the country denied selling the assets, this decision serves as a cautionary example of selling too early. At that time, when Bitcoin traded between $10,000 and $17,000, Bulgaria could have netted about $3.5 billion.
Economic Consequences of the Bitcoin Sale
Fast forward to 2025, the value of those Bitcoins surpassed $117,000, rendering the trove worth over $25 billion. This amount exceeds Bulgaria's current national debt of $24 billion as of the end of 2024. Analysts suggest that retaining a portion of Bitcoin could have facilitated debt restructuring and infrastructure investments.
CZ's Opinion on Bitcoin and National Debt
Binance founder Changpeng Zhao (CZ) commented on the situation, stating that 'Bitcoin could solve most public debt.' This observation reflects a growing belief that Bitcoin can mitigate sovereign debt risks. Other countries, such as El Salvador, actively incorporate Bitcoin into their national reserves, a trend that will be observed in the future.
Bulgaria's case remains relevant, highlighting the importance of long-term planning and awareness of unconventional asset values.
