For the first time in history, a state holds more Bitcoin (BTC) than gold reserves. And no, this is not a Caribbean city-state, but the EU country Bulgaria. The BTC balances of the southeastern European country amount to more than 200,000, which corresponds to assets of more than 1.8 billion euros. In comparison, Bulgaria’s gold reserves add up to only 40 tons, the equivalent of about 1.6 billion euros.
According to a press release from 2017, the country received its Bitcoin assets from the demolition of a criminal cartel, which apparently invested its assets in Bitcoin, to make the loot by the authorities more difficult to find. The South European Law Enforcement Center announced that “more than 200,000 bitcoins worth $ 500 million have been secured by the Bulgarian security authorities.” This fortune has now multiplied to almost four times thanks to the recent rally.
Furthermore, the report states that the criminal Bulgarians apparently have connections to Macedonia, Romania, and Serbia. There they have stolen sensitive data of their victims by means of computer viruses.
Where the bitcoins were kept in concrete terms, ie which wallets the criminals used and whether the Bulgarian state was also able to determine their private access codes was not explained in detail in the report.
The credit amounts to exactly 213,519 Bitcoin. In addition to Satoshi Nakamoto, whose BTC assets are estimated at around 1,000,000, Bulgaria is thus the richest individual player in the world.
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