Bulgaria's Missed $25.2 Billion Opportunity: Seized Bitcoin Now Worth More Than National Debt

According to Odaily, the Bulgarian government's 2018 decision to liquidate seized Bitcoin has resulted in a significant financial opportunity cost that now exceeds the nation's entire public debt. In 2017, Bulgarian authorities confiscated 213,500 BTC during a major organized crime crackdown—one of the largest government Bitcoin seizures in history.

These digital assets were subsequently sold for approximately $3.5 billion in 2018, when Bitcoin was trading at much lower valuations. Based on current market prices, the same Bitcoin holdings would now be valued at an estimated $25.2 billion—a figure that surpasses Bulgaria's latest reported national debt of $24 billion by approximately 5%.

The case represents a remarkable illustration of cryptocurrency's long-term appreciation potential and raises questions about optimal management strategies for digital assets seized by government authorities. While the sale generated substantial revenue for Bulgaria's treasury at the time, the subsequent price appreciation of Bitcoin has transformed what appeared to be a prudent financial decision into a notable missed opportunity to address the country's debt obligations completely.

This situation emerges as Bulgaria recently adopted the Markets in Crypto-Assets Act in June 2025, aligning with EU regulations to create a more structured framework for cryptocurrency operations within the country. Major crypto exchanges continue to monitor regulatory developments in Eastern European markets as institutional approaches to digital asset management evolve.

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