Bulgaria could become one of the richest countries in the world with Bitcoin. This is due to it owning 213,000 coins, which were seized by the authorities from a criminal group in 2017.
According to the South East 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 that time, the value of the BTC seized was around $500 million. Now, however, it will be closer to $6 billion. However, the details of the BTC confiscation have not been disclosed.
It is also not entirely clear whether the country still holds the Bitcoin or what it plans to do with them. However, if Bulgarian authorities still hold them, they could be one of the biggest whales in the crypto world.
As many believe that Bitcoin will continue to increase in value in the coming years, Bulgaria may soon become a very rich country.
The Rising Price of Bitcoin
Although it is impossible to predict the future price of Bitcoin, the community and industry experts are sure that the price will increase exponentially.
Jesse Meyers, the Chief Operations Officer (COO) of Onramp Bitcoin, who holds an MBA from Stanford University, predicted that the price of Bitcoin would reach $10 million in the coming decades. Ark Invest CEO Cathie Wood believes Bitcoin will be worth $1 million by 2030 in a bullish scenario.
Also, Arthur Hayes, co-founder of the BitMex exchange, believes Bitcoin could reach $1 million as early as 2026. Recently, Balaji Srinivasan, the former Chief Technology Officer of Coinbase, predicted that Bitcoin would reach $1 million by June 15.
While most people do not believe Bitcoin can reach such levels, some argue that anything is possible. For example, if there is a prolonged banking crisis and hyperinflation of the U.S. dollar, Srinivasan’s prophecy may come true.
Meanwhile, the U.S. government introduced measures to prevent a further bank run. For example, the Federal Reserve’s $25 billion Bank Term Funding 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 stop a real bank run. But of course, the U.S. dollar will not be as strong as it used to be. This opens the door to a decentralized, global monetary payment instrument like Bitcoin.
As a result, if Bulgaria keeps its BTC, it could accumulate huge value compared to other countries in the world and become one of the richest countries in this globe.
How Can Bulgaria Utilize its Bitcoin Holdings?
Bulgaria could use its Bitcoin profits 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 seized coins, the 213,000 BTC held could reach $213 billion.
After paying off its debt, Bulgaria could use the proceeds from the sale 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 the country’s infrastructure, education, and healthcare.
By investing in these key sectors, Bulgaria can attract new foreign investment to the country. This would further 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 BTC and cash it out at the right time. It may also be wise to preserve a significant portion of BTC in the portfolio forever because Fiat currencies, like the dollar, tend to lose value over time.
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