Bulgaria Government Shocked To Discover It Owns $3 Billion In Bitcoin

[poodle63]

should just hold it maybe for another decades who know if the next headline in 10 years gonna be "bulgaria government shocked to discover it owns $30 billion in Bitcoin" lol.
But how they could be oblivious to $500 million in their posession though, it's not some measly amount and other government i'm sure already gonna dump these coins to oblivion.
pretty sure the government isn't actually shocked but just informing media that this kind of things happen and then the media overblow this news. After all, this make a good news headline.

[peter0425]

Wait !!! is this the reason why Bitcoin was added to the stock market of Bulgaria? because of how much Bitcoin they owned..
sorry but is it best if someone will enlighten this matter..thanks.

[Lucius]

Does anyone have more information what happened with this 213,519 Bitcoins and can someone identify exact addresses and transactions related with this?

According to information received from the Bulgarian Minister of Finance from 2018, all BTC that was seized was sold by the beginning of April 2018. If we take this as relevant information, any further discussion is superfluous - unless we go into conspiracy theories and assume that the Bulgarian authorities kept everything to themselves - which would not be strange given the level of corruption then certainly even higher than today.

The publication claims that Bulgaria’s finance minister, Vladislav Goranov, told the Prime Minister’s Security Council the sale had taken place, and that the coins were sold piecemeal so as not to crash the market.

“Several sovereign wealth funds and Asian investors” purchased the coins for around €15,000 each, with Deloitte acting as a consultant, Bivol references Goranov as revealing.

Even more curiously, “experts from the US FBI helped to ensure the safety of transactions,” the last of which occurred April 1, 2018, Goranov is reported to have said.

[Sithara007]

I hope the Bulgarian government will not put Bitcoins up for auction but keep holding until Bitcoin reaches a higher value.
If Bitcoin becomes a global currency the value of Bitcoin could reach $1 million and countries could have a plan to reserve Bitcoin like gold and dollars.

It has been already explained in detail in one of the previous posts. They were holding Bitcoin not for higher returns in the future, but because they couldn't do it until the legal process is over. In countries such as Bulgaria and lawsuits and appeals take a decade or more to get settled. So as per the existing laws, the government can't sell these coins unless the court gives them permission to do so. And I hope that the permission gets delayed by another 10 years or so. The sudden influx of all these coins in the market can cause the exchange rates to go down.

[so98nn]

I think government from single country won't be able to shut down the bitcoin throughout the globe. All they could do is shut the operations within their country itself. Bulgarian Govt. is stupid if they really seize the bitcoins and do nothing about it. They can literally put that money into their own banks and have contribution in the country. Well surely that's a money laundering but they should understand that holding that much bitcoin in the cold wallet will help the bitcoin community to move faster since it's locked up supply and inaccessible to the public or rest of the investors.
So 3 billion less is 3 billion purging for the BTC community. Idk, demand and supply guys, that's helpful. We should take a movement to thank Bulgarian government for holding these coins and not selling them. Hope you understand where I am going with this.