Bulgaria does not hold more Bitcoin than Gold

Christopher Zenios26/07/20192min
It was recently reported that Bulgaria’s Bitcoin reserves were higher than Gold reserves. However, following this report, the information has been widely disputed.

It was reported that Bulgaria holds $2 billion in bitcoins with the nation’s gold reserves estimated at $1.8 billion, resulting in Bulgaria being the first country to hold more cryptocurrency than gold.

The response?

Following the report, the information has been traced back to a press release from May 2017. The press release gives details oh how Bulgarian authorities confiscated 500 million USD worth of bitcoin from a criminal operation that included citizens from several nations.

After the press release re surfaced, various media publications are now claiming that the bitcoins were held onto and that the government in now the most bitcoin wealthy government in the World. This is reported despite local news publications reporting that the government auctioned off the bitcoin to various international buyers.

The reports claim that Bulgaria’s finance minister, Vladislav Goranov informed the prime minister’s security council the sale had been completed and had been sold piecemeal to avoid a market crash.

“Several sovereign wealth funds and Asian investors”

“Several sovereign wealth funds and Asian investors” purchased the coins for around €15,000 each, with Deloitte acting as a consultant according to Goranov.
The conflicting information has caused a lot of talk in the bitcoin community.

Christopher Zenios

Christopher has always been a pioneer, a first adopter when it comes to technological advancements. Over the years, his expertise surrounded the real estate and digital markets and their evolution in today's society. After being the editor to various professional business news portals and blogs, he was selected to become the chief editor for HWC. Contact Christopher at +357-22029786 ext: 6110 or by email at [email protected] for editorial related questions.

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