
Please try another search
As far as Bitcoin concerned, most people who follow the cryptocurrency’s history know that Satoshi Nakamoto has the largest hoard. But how many people know that Bulgaria comes second on this list? Bulgaria’s government is resting on a Bitcoin stash that would make any other country—even the United States—envious.
The Bulgarian authorities started collecting Bitcoin while they cracked down on illegal activities in the country, as many criminals were paid in Bitcoin. In particular, a series of arrests in mid-2017 led to the capture of 213,519 BTC, according to Novinite. At current rates, this is equivalent to just under a billion and a half dollars.
We have no way of knowing whether the Bulgarian government made use of any of the coins, but if it retained them all, the country could pay off 25% of its national debt overnight.
The country’s Bitcoin hoard surpasses the United States’ because the US authorities auction off any seized coins as soon as possible. A few months ago, the US Marshals Service ran an auction to sell almost 2,200 BTC.
Some of the auctioned-off money belonged at one point to Shaun Bridges, a secret service agent who stole some of the proceeds from the 144,000-Bitcoin takedown of Silk Road—a darknet marketplace—by the FBI.
It’s not clear whether the Bulgarian government has any plans for its enormous stash of Bitcoin, but maybe it’s better to “HODL” it as a rainy day fund.
The only other entity that has a holding nearly as large as this country is BitFinex, an exchange that currently has a wallet of about 163,000 BTC, or over $1 billion. This particular wallet is kept in cold storage to be used, most likely, in the event of a breach.
US SEC announced charges against Wells Fargo (NYSE:WFC) advisors for failing to file at least 34 Suspicious Activity Reports.The Division of Enforcement director expressed his...
Stader Labs was one of the firms affected by the LUNA and UST crash.The ecosystem may be restored ff Terraform Labs can keep its developers.Terra’s implosion underscores the...
Ripple (XRP) has seen a slight price loss in the last 24 hours.XRP’s price is in a consolidation phase, but a bullish breakout may be on the cards.Confirmation of the...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.