"Could the national debt have been reduced if they had held it?" The current value of the 210,000 Bitcoins that the Bulgarian government let go in 2018.

## I shouldn't have sold it.

The Bulgarian government in Eastern Europe has sparked discussions about a massive opportunity loss regarding its decision to sell 213,500 bitcoins (BTC) seized from cybercriminals in December 2017 in 2018. The estimated selling price at that time was between $10,000 and $17,000 per BTC, resulting in total sales profits of approximately $3.5 billion.

This sale is believed to have been made as a cautious decision, backgrounded by the sudden drop risks of Bitcoin at the time and the regulatory uncertainty in the EU.

On the other hand, although it is a simple calculation, the current value of the 25 billion dollars worth of Bitcoin sold has already exceeded the country's national debt of 24 billion dollars. This amount is equivalent to about a quarter of the country's total annual GDP of 105 billion dollars.

Binance founder CZ commented on the recent news, saying, "Bitcoin can solve a large portion of public debt." Bitcoin educator Saifedean Ammous pointed out, "You could have paid off government bonds by just holding it for a few years."

Amidst this, there is an increasing movement to examine the potential of Bitcoin as a strategic national reserve asset. Major asset management firm VanEck analyzed the Bitcoin reserve proposal by the U.S. Treasury in February of this year, predicting that if 1 million Bitcoins are accumulated by 2029, it could offset 18% of the national debt by 2049.

On the other hand, experts analyze that the Bulgarian government at the time did not understand the essence of Bitcoin. There is also the view that the immature management system influenced the decision to sell.

As a similar case, Germany sold approximately 50,000 bitcoins at an average price of $58,000 in 2024, earning about $2.9 billion. However, at current value, it exceeds $6.1 billion, resulting in a significant opportunity loss.

With cases like El Salvador drawing attention to the potential for long-term Bitcoin holding to improve national finances, the relationship between various governments' cryptocurrency policies and fiscal strategies is becoming an important topic of discussion. The case of Bulgaria has been recorded as one of the "most costly fiscal mistakes in recent years."

Related: How to Buy Bitcoin | Investment Benefits, Risks, and Choosing the Best Exchange for Beginners