Government of Bulgaria has over 200.000 bitcoins (or a good third of the annual tax revenue)

Government of Bulgaria has over 200.000 bitcoins (or a good third of the annual tax revenue)
Bulgaria’s parliamentary – here you should look forward to the explosion of the Bitcoin Prize. Image by Dennis Jarvis via Flickr.com. License: Creative Commons

In May of this year the Bulgarian police 213.519 Bitcoins confiscated. Seven months later, the Bitcoins were still not sold-and the government of the Southeast European country became perhaps the largest winner of the Bitcoin rally from 2017. Congratulations!

On 19. In May 2017, the Bulgarian police, with the help of Selec, a center of the Southeast European police authorities, launched months of investigations into the cybercrime. It was about a unit of organized crime that helped to postpone taxes by bribing customs officials and installing a virus on the computers of the customs. Among other things, Bulgarian citizens were involved with contacts to Macedonia, Greece, Romania and Serbia.

The Bulgarian police searched more than 100 houses and cars. She arrested 23 suspects, including 5 customs officials, and a considerable amount of money, including 213.519 bitcoins. At that time the Bitcoin course was 2.354 dollars, with which the confiscated bitcoins were already worth half a billion dollars at that time.

What the Bulgarian government is doing with the Bitcoins is currently still unclear. A journalistic research remained unanswered, the government refuses to make the addresses of the Bitcoins public, which is why it is speculated whether the government has actually confiscated the private keys for bitcoins – or only the addresses.

However, if we suspect that the Bulgarian police actually have the coins and has not yet sold them, then the government of the small country in Southeast Europe becomes perhaps the biggest winner of Bitcoin Rally 2017. Let’s look at the numbers: the price rose from 2.500 to 17.$ $ $, Plus the spin -off of Bitcoin Cash (currently about 1.500 dollars) and Bitcoin Gold (currently about $ 250). Summa Summarum therefore owns the Bulgarian government of bitcoins worth $ 4 billion.

Such a lot of bitcoins would be a decent bonus even for a state like Germany. For a country like Bulgaria, the 213.000 Bitcoins is a considerable part of the annual income. According to Wikipedia, Bulgaria has a GDP of $ 52 billion, and according to Factfish, around 20 percent of them go to the government as tax revenues. From this point of view, the Bitcoins worth $ 4 billion are $ 38 percent of the $ 10.2 billion, which Bulgaria takes through taxes a year. Again, pronounce loudly and let it melt on the tongue: eight -healed percent!