Bulgaria Possesses Second Highest Bitcoin Deposit
As a common piece of knowledge within the cryptocurrency industry, Satoshi Nakamoto, the original creator of Bitcoin, owns the world’s largest share of the digital token. Bulgaria is second in line, housing the second largest Bitcoin deposit on earth, a number high enough to draw the attention of every country involved in cryptocurrencies.
Bulgaria began building its massive Bitcoin wealth through confiscated assets obtained during raids and other anti-criminal operations throughout the country. Many illegal operations were funded and paid for in Bitcoin, particularly during last year when authorities lead operations that resulted in more than two-hundred-thousand Bitcoins which roughly translates to over 1 billion dollars in value.
To this day, officials have yet to announce any plans or usage of previously retrieved coins, although many speculate that if no coins had been spent by the government, today’s number would be more than enough to pay off a fraction of the nation’s dues.
Bulgaria has managed to become the second highest figure in terms of Bitcoin possession due to the government hold and seizure of these assets. The United States is known to sell off or auction any confiscated Bitcoins to the highest bidder as per regulations and current laws in place. Among more well-known auctions involved selling assets belonging to Shaun Bridges after stealing from the coins confiscated during the Silk Road operation.
Although no Bulgarian officials or authorities have unveiled any plans to use their massive deposit, possessing such a large number of Bitcoins provides some backup opportunities for the Nation should the need to spend them rise. Bitnex comes as a close second to Bulgaria in terms of Bitcoin wealth, operating as an exchange worth more than $1 billion in crypto-value.