Bulgaria has more Bitcoin holdings than gold reserves

Investigators claim that Bulgaria has 213,519 BTC.
The country has $2.1 billion in BTC as opposed to $1.8 billion in gold.

Rajarshi Mitra Independent Analyst

Bulgaria has been covertly stockpiling Bitcoins, so much so that their BTC reserve has surpassed its gold holdings. Back in May 2017, the Southeast European Law Enforcement Centre (SELEC) issued a press release that the country has over 200,000 BTC (around $2.1 billion) as opposed to just 40 tons in gold (around $1.8 billion). The release stated:

“It was determined that the members of the organized crime group invested the money obtained from these illegal activities in bitcoins, around 200,000 being discovered in the virtual space.”

The investigators determined that they had precisely 213,519 BTC. Strangely enough, the Bulgarian Government has remained relatively silent regarding their alleged holdings. There have been several rumors floating around about these mysterious Bitcoins. One of these rumors stated that the Bulgarian Interior Ministry sold the stash to fund a new air force squadron. Various crypto media outlets immediately trashed this. The Government’s continued reluctance to reveal the Bitcoin addresses hints that they are likely still in control of the Bitcoin holdings.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

Ripple and Stellar outlook: XRP and XLM await direction amid cautious sentiment

Ripple and Stellar trade cautiously as both tokens hover around key technical levels. XRP is testing resistance at its 50-day EMA, while XLM continues to consolidate around the $0.187 support zone. Meanwhile, mixed derivatives data with a slight bearish tilt suggests traders remain cautious, keeping the next directional move uncertain.

Crypto Market Overview: Bitcoin recovery eases – HBAR and LDO test key resistance zones

Bitcoin edges below $66,000 extending the previous day's losses. Hedera and Lido DAO sustain bullish momentum, testing the breakout of a crucial resistance zone to extend their rally. CoinMarketCap’s Fear and Greed Index at 39 stalls below the neutral territory, indicating that sellers remain dominant.

Senate Republicans release updated CLARITY Act with new crypto ethics restrictions

Senate Republicans released an updated version of the Digital Asset Market CLARITY Act on Wednesday following briefing calls with stakeholders. The update adds a package of ethics restrictions targeting digital asset activities by public officials and their spouses.

Hyperliquid, Robinhood could lead crypto’s next bull market as DeFi and TradFi converge

The next crypto bull market could be driven by the growing convergence between blockchain-based financial infrastructure (on-chain) and traditional finance (TradFi), according to Bitwise CIO Matt Hougan. In a report published late Tuesday, Hougan argued that crypto may be showing early signs of a market bottom, with Bitcoin gaining 9% since July 1 even as the NASDAQ 100 declined 6%.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.