The bitcoin holdings of the nation state of Bulgaria as not more value than their total fiat value of their gold reserves.
The country is currently holding more than 200,000 bitcoins, which is worth around $2 billion USD presently, while their gold reserves of 40 tones are worth just around $1.8 billion.
In May 2017 the Southeast European Law Enforcement Center (SELEC) reported its seizure of more than 200,000 bitcoins with an estimated value of 500 million USD at the time which is around $2,354 USD.
The bitcoins apparently came from an organized criminal group of Bulgarian nationals in the former Yugoslav Republic of Macedonia, Hellenic Republic, Romania and Republic of Serbia.
Interestingly when authorities were pressed where the Bitcoins are or what plans they have for the seized BTC the Interior Ministry refuse to provide information to the public about the matter.
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