Bulgaria could become one of the richest countries in the world with Bitcoin. This is due to her possession of 213,000 coins that were confiscated by the authorities from a criminal group in 2017.
According to the Southeast European Law Enforcement Center (SELC), Bitcoin was seized from a criminal group that hacked into the computers of the Bulgarian customs office in 2017. Criminals used to make changes to the system to allow the group’s partner companies to import goods without paying taxes.
At the time, the value of the seized BTC was around $500 million. But now, it’s going to be close to $6 billion. However, the details of the BTC confiscation were not disclosed.
It’s also not entirely clear if the country still holds bitcoin or what it plans to do with it. However, if the Bulgarian authorities continue to hold it, it could be one of the biggest whales in the cryptocurrency world.
Since many believe that Bitcoin will continue to increase in value in the coming years, Bulgaria may soon become a very rich country.
Bitcoin price hike
Although it is impossible to predict the price of Bitcoin in the future, the community and industry experts are certain that the price will skyrocket.
Jesse Meyers, Chief Operating Officer (COO) of Onramp Bitcoin, who holds an MBA from Stanford University, has predicted that the bitcoin price will reach $10 million in the coming decades. Cathy Wood, CEO of Ark Invest, believes that Bitcoin will be worth $1 million by 2030 in a bullish scenario.
Also, BitMex co-founder Arthur Hayes believes that bitcoin can reach $1 million as early as 2026. Recently, Balaji Srinivasan, former CTO of Coinbase, predicted that bitcoin could reach $1 million by June 15th.
While most people don’t believe Bitcoin can reach these levels, some argue that anything is possible. For example, if there is a prolonged banking crisis and hyperinflation of the US dollar, Srinivasan’s prophecy may come true.
Meanwhile, the US government took action to prevent further bank inflows. For example, the Federal Bank’s $25 billion Bank Transfer Fund Program (BTFP) and the opening of the Federal Deposit Insurance Corporation (FDIC) to cover all deposits.
If the FDIC decides to insure all deposits, that will probably be enough to shut down the real bank. But of course, the US dollar will not be as strong as before. This opens the door to a decentralized global cash payment tool like Bitcoin.
As a result, if Bulgaria keeps its Bitcoin, it could accumulate huge value compared to other countries in the world and become one of the richest countries in this world.
How can Bulgaria benefit from bitcoin holdings?
Bulgaria can use its bitcoin earnings to invest in its economy, but first, it has to pay off its public debt.
By 2030, if the price of bitcoin reaches $1 million and Bulgaria still holds its coins, the 213,000 bitcoins held could reach $213 billion.
After paying off its debts, Bulgaria can use the sale proceeds to invest in various industries, such as technology or real estate. In addition, the Bulgarian government can also use the proceeds from the sale of bitcoin to improve infrastructure, education, and healthcare in the country.
By investing in these key sectors, Bulgaria can attract new foreign investment into the country. This would increase the development and wealth of the state.
Bulgaria has a chance to become one of the richest countries in the world. It just needs to HODL its own BTC and cash it in time. It may also be wise to keep a large portion of BTC in the wallet forever because Fiat currencies, like dollars, tend to lose value over time.
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