When cryptocurrency enthusiasts think of large Bitcoin stashes, countries such as USA, China and other may come to mind. Also, when one thinks of Bitcoin and huge supply of it, exchanges like Bifinex and Coinbase come to mind.
However, as surprisingly as it may sound, the country with the second largest stash of Bitcoin on earth is Bulgaria. Bulgaria is a relatively small country situated in Eastern Europe.
The number one person who owns the highest number of Bitcoins is still Satoshi Nakamoto and his $1.1 million Bitcoins. While a lot of coins have been lost and the mining of Bitcoin is coming to an end, Satoshi Nakamoto still holds value equivalent to around $6 billion worth of Bitcoin. Interestingly enough, Nakamoto has not transacted with his coins so far, and the immense market power he might have if he decides to sell his coins is unfathomable.
Bulgaria ranks second with the second-larget Bitcoin reserve as of today. Last year, in 2017, the Bulgarian government seized almost $1.3 billion in Bitcoins, or 213,519 coins, to be precise. The amount of Bitcoin that was cracked down was enough to pay off 25% of Bulgaria’s national debt. According to press, Bitcoin was used for tax fraud.
What is happening with the seized Bitcoins by the Bulgarian Government is not really clear. In the United States, if there is any amount of seized coins, they get auctioned off soon after that. Given the accumulated amount of Bitcoins in Bulgaria, it is no wonder that the country ranks second in terms of large Bitcoin reserve.