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Author Topic: 210 000 Bitcons in the hands of the Bulgarian gov can really affect the market.  (Read 81 times)
iasenko
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February 04, 2018, 08:03:57 PM
 #1

After the big news from the last year /see the first link below/ the Bulgarian government holds in his hands more than 210 000 Bitcoin.
If they decide to cash out which is inevitable the market will be devastated. It is just a matter of time this to happen.
Here is some extra sources on the topic:
https://bitcointalk.org/index.php?topic=2566430
https://www.coindesk.com/bulgarian-government-sitting-3-billion-bitcoin/
http://www.novinite.com/articles/186380/Bulgaria+Could+Cause+a+Global+Collapse+of+Bitcoin

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RichMonk
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February 04, 2018, 08:05:41 PM
 #2

It's really amasing to have a 210 000. I think where they get so much bitcoins?
BTG-BTC
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February 04, 2018, 08:06:35 PM
 #3

If one day it will cash out it will not do step, so the market will not be impacted
Nebell
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February 04, 2018, 09:10:57 PM
 #4

The only thing they would do is to crash the price, but it will bounce back because people will want it cheap.

This will affect them more than Bitcoin, they will lose a lot of money. It's better to sell smaller amounts periodically.

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bitart
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February 04, 2018, 10:24:02 PM
 #5

The only thing they would do is to crash the price, but it will bounce back because people will want it cheap.

This will affect them more than Bitcoin, they will lose a lot of money. It's better to sell smaller amounts periodically.
There's no need to cash out their bitcoin, because bitcoin is not their official currency, so it's not included in the country's financial numbers. There's no difference for them if bitcoin goes up or down in the short term, because if they don't plan with it, they won't be affected if price changes. On the long run, they will be able to make profit out of it, if they hold it for some time and after the price of bitcoin starts to increase again. If they can manage to run their country without selling the bitcoins, it makes sense to hold and wait for some major price increase.

alyssa85
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February 04, 2018, 10:39:33 PM
 #6

I don't know if you guys realize this, but the FBI also has a considerable sum of bitcoins. I saw somewhere that the FBI is in possession of one of the biggest bitcoin wallets.

It said that they just randomly started accumulating bitcoin way back when. Kind of feels like a gov. conspiracy, right? I mean why the FBI and not the reserve... Doesn't seem jurisdictional.

The FBI doesn't accumulate or keep bitcoins. By law, any coins they seize in the course of their operations must be auctioned off.

In 2015 the FBI auctioned 44,000 bitcoins seized from Silk Road:

https://www.coindesk.com/us-marshals-final-silk-road-bitcoin-auction/

Quote
The US Marshals Service (USMS) has begun its auction of 44,341 BTC seized from convicted Silk Road operator Ross Ulbricht, marking the final sale in a process that began in June 2014.

The tranche constitutes the remainder of as much as 144,000 BTC seized from Ulbricht, who ran the Silk Road dark marketplace under the pseudonym Dread Pirate Roberts. Ulricht was sentenced to life in prison in May, though he is appealing the verdict.

Today's auction, the fourth held by the agency since it auctioned 30,000 BTC in June 2014, is running from 8am to 2pm local time.

According to the USMS, the event features 22 auction blocks. The first 21 blocks will each consist of 2,000 BTC up for sale, with the final tranche consisting of approximately 2,341 BTC.

Registration for the auction began on 19th October and ran through 12 pm EDT on 2nd November. Confirmed participants include the Digital Currency Group subsidiary Genesis Trading and bitcoin hedge fund Binary Financial.

With the conclusion of the sale, all funds confiscated and held during the Silk Road investigation will have been sold by the US government. Bitcoins seized from Silk Road users, as well as the market itself, have been sold in the past as well.

Later this year the FBI is going to auction another 3,813 bitcoins seized from a money laundering case:

https://www.bloomberg.com/news/articles/2018-01-11/u-s-marshals-to-auction-bitcoins-valued-at-about-54-million

There isn't anything to panic about - the auctions are held outside of the exchanges and don't affect the price much.

Bahnsen
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February 04, 2018, 11:30:57 PM
 #7

how many BTC has the FBI?
Meysa_richa
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February 05, 2018, 01:22:30 AM
 #8

Indeed, with such a large amount of bitcoin can affect the price of bitcoin, but with that much bitcoin I do not think they will make all the money flat, and it will not end badly for that bit of bitcoin.

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