A stash of Bitcoin that Bulgarian investigators took from some crooks back in the spring is now worth $3 billion. That calculation was made by CoinDesk today. The cryptocurrency news site noted that back in May officials seized what seemed like a pretty decent haul: About 200,000 Bitcoin, then worth about $500 million.
Investigators busted a ring of nefarious do-badders who were conspiring with customs officials throughout Southeast Europe to fake customs documents in order to avoid taxes.
The criminals were using Bitcoin as part of the scheme. At the time, one Bitcoin was worth a mere $2,354. Today? North of $15,000 per Bitcoin. If those criminals have internet in the pokey, you can bet they are banging their heads against the bars pretty much nonstop.
As for the Bulgarian government, well, who knows? CoinDesk noted that a local Bulgarian blog asked the government what it was doing with its Bitcoin windfall, but didn’t get an answer.
Still, if Bulgaria can unload those Bitcoins, it could be good timing for the country, which is facing an annual budget deficit of about $600,000 for 2018. So $3 billion could help balance the checkbook for the next several years.
However, the Bulgarian government also likely faces the same dilemma as every holder of Bitcoin: Is this a bubble?
If yes, the government should dump all those Bitcoin ASAP. If no, and the currency goes to $30,000 per Bitcoin, government leaders will be banging their heads against a wall for decades if they sell now.