With the world losing its mind over the Bitcoin price hike, people around the globe are punching themselves on the throat for not boarding on the Bitcoin train before, especially those who knew that cryptocurrency would revolutionize the economy system and they could have been sitting on a nice little jackpot now. Bitcoin prices skyrocketed this year since July, and at the time of writing, according to Coinmarketcap, one of the popular digital currency exchanges, one Bitcoin is worth £12,590 ($16,736) which is more than £7,000 its price since last month.
Bulgaria is an industrialized upper-middle-income country according to the World Bank. It currently ranks at 77th position in the world in GDP and is a member of the European Union (EU), World Trade Organization (WTO), Organization for Security and Co-operation in Europe (OSCE) and Organization of the Black Sea Economic Cooperation (BSEC). With their recent findings, the Bulgaria has the last laugh.
In this context, the word ‘finding’ would be slightly misleading as it’s not as if the Bitcoins were kept as a hidden treasure in the past and they have been found sitting in an unused storage closet.
In an anti-corruption operation in May 2017, the Bulgarians authorities confiscated the virtual currency collection. How to go about seizing a digital currency is something the world is still trying to figure out, but the Bulgarian authorities did.
Back in May, the investigation by the Southeast European Law Enforcement Centre into Alleged Customs Fraud led to the detainment of dozens of people and also the confiscation of a whole bunch of Bitcoin.
Imagine how stoked the politicians of Bulgaria are after discovering they had enough Bitcoin in their possession to pay off one-fifth of the country’s national debt, which equals to $16.5 billion.
When that operation concluded, that number of Bitcoins were estimated to be worth £374 million ($500 million). Now, they’re worth £2.6 billion ($3.6 billion) which is just plain silly. But here’s one pop up question:
Does Bulgaria hold on with the expectation that their value continues to rise stratospherically and they can pay off even more of their debt, or do they cash out now and settle for they already have?
That’s the question that virtually every gambler is faced with. The profitable operation resulted in police grabbing equipment such as devices for communication, computers, tablets, and bank documents’ according to the SELC. The authorities are probably having their fingers crossed hoping that that cache of documents and computers also had all the encrypted passkeys needed to access the digital wallets. Otherwise, their haul, no matter how much it’s valued at, is mostly useless.
It’s quite shocking to believe that at the beginning of this year, one bitcoin was only worth around three figures; so the point is, it’s now commanding price tags of £12,590 each which is nothing short of incredible. Experts keep talking about the cryptocurrency bubble bursting, but it hasn’t hit that ceiling yet.
According to the predictions of some people, the price of Bitcoin will reach its value to over £74,949 ($100,000), and so no one has got any fucking clue where the roof on this thing is. All we know is that we would very much like to have as many as Bulgaria.