Bulgaria Could Have Paid Off Its National Debt If It Hadn’t Sold Its Bitcoin in 2018

• How Bulgaria Ended Up With 213,519 Bitcoin
• The $26 Billion "What If" Scenario
• Why Governments Are Rethinking Bitcoin
• FAQ: Bulgaria’s Bitcoin Blunder

In 2018, Bulgaria made headlines by selling 213,519 BTC seized in a criminal investigation for $3.1 billion—a move that seemed profitable at the time. Fast forward to today, and that stash would be worth over $26 billion, enough to cover the country’s entire public debt. This article explores the missed opportunity, the lessons for national bitcoin reserves, and why governments are now rethinking crypto as a strategic asset.

How Bulgaria Ended Up With 213,519 Bitcoin

Back in 2017, Bulgarian authorities confiscated a massive Bitcoin haul during a crackdown on an organized crime ring. At the time, the crypto market was volatile, and Bitcoin hadn’t yet reached its all-time highs. The government, unsure of how to handle the windfall, decided to liquidate the entire stash in 2018 for $3.1 billion—a sum that seemed like a win.

The $26 Billion "What If" Scenario

Today, those 213,519 BTC would be worth over $26 billion at current prices—more than Bulgaria’s $22 billion public debt. It’s a painful reminder of how short-term thinking can cost nations billions. As one analyst put it, "This wasn’t just a missed payday; it was a strategic blunder." Countries like the U.S. and China now hold Bitcoin as part of their reserves, while Bulgaria’s story serves as a cautionary tale.

Why Governments Are Rethinking Bitcoin

The Bulgaria case highlights a growing trend: nations treating Bitcoin not as a speculative asset, but as a long-term reserve. El Salvador made headlines by adopting it as legal tender, while the U.S. and China hold significant amounts (207,189 BTC and 194,000 BTC, respectively). The lesson? In an era of inflation and currency devaluation, Bitcoin’s scarcity makes it an attractive hedge—even for governments.

FAQ: Bulgaria’s Bitcoin Blunder

How much Bitcoin did Bulgaria sell in 2018?

Bulgaria sold 213,519 BTC for $3.1 billion in 2018.

What would that Bitcoin be worth today?

At current prices (~$122,800 per BTC), the stash WOULD be worth over $26 billion—enough to cover Bulgaria’s $22 billion public debt.

Which countries hold the most Bitcoin today?

The U.S. (207,189 BTC) and China (194,000 BTC) lead the pack, according to Bitcoin Treasuries data.