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Bulgaria May Have Avoided Debt Crisis with Sold Bitcoins
In a shocking revelation, it has been revealed that Bulgaria’s decision to sell its vast Bitcoin holdings in 2018 could have potentially saved the country from a debt crisis. According to an analysis of the situation, had Bulgaria held onto its Bitcoin reserves instead, it would have now exceeded the country’s national debt.
In 2017, Bulgaria purchased 213,500 Bitcoins at an average price of around $998 per coin, which was a significant portion of the world’s total Bitcoin supply at that time. By December 2018, the cryptocurrency had surged in value to over $19,000, resulting in a staggering profit of approximately 2,700%. This monumental gain could have potentially been used to pay off Bulgaria’s growing debt.
As it stands, Bulgaria is currently facing significant financial challenges, including a debt crisis that has put pressure on its economy. The country’s decision to sell its Bitcoin reserves in 2018 was likely driven by concerns about the cryptocurrency’s volatility and potential risks.
However, experts point out that had Bulgaria held onto its Bitcoin holdings instead, it would have now possessed an enormous amount of capital that could be used to address its financial woes. In fact, the country’s current debt crisis could have been potentially averted.
North Korea, notorious for its cyber attacks, ranks as the fifth largest holder of Bitcoins, with a staggering 13,562 coins in its possession.
Source: www.bitcoinbazis.hu
