Bulgaria missed $25B debt payoff by selling Bitcoin in 2018
Bulgaria’s 2018 sale of 213,500 BTC — now worth more than its public debt — has reignited debate over whether governments should treat crypto as a reserve asset.
The Balkan country of Bulgaria seized over 213,500 Bitcoin back in 2017 and sold them the following year; now, that would be more than enough to cover the country’s public debt.
When Bulgaria seized 213,519 Bitcoin (BTC) in late 2017, the haul was worth around $3.5 billion — enough to cover a fifth of the country’s national debt. The government sold the Bitcoin soon after the seizure — but some speculate that despite official denial the government may still hold the assets.
Now, the same amount of Bitcoin would be worth about $25.24 billion. This exceeds the country’s public debt of $24 billion, according to World Economics data.
