In 2017, Bulgarian authorities made headlines when they seized 213,500 BTC during a crackdown on organized cybercrime. At the time, bitcoin was trading below $3,000 so the total stash was worth around $640 million.
A year later, in 2018, the Bulgarian government sold the entire bitcoin haul.
That seemed like a smart move at the time, but now it’s being questioned as bitcoin’s value has skyrocketed, making it a very costly mistake.
As of mid 2025, bitcoin is trading at around $120,000, so the same stash would now be worth more than $25 billion – a figure that exceeds or comes close to 80% of Bulgaria’s national debt, depending on the data.
The value of the sold bitcoin has reignited debates on how governments should treat bitcoin, especially when it comes to long-term planning and national reserves.
According to World Economics, the country’s current national debt is around $24–30 billion, and new figures from the country’s Ministry of Finance show that government debt rose sharply in May 2025.
With that in mind, the missed $25 billion opportunity is being called one of the most expensive fiscal mistakes in recent history.
Numerous Bitcoin and digital asset advocates and enthusiasts have chimed in on the matter, highlighting how big a mistake it has been.
Digital assets billionaire and Binance founder Changpeng Zhao (CZ) tweeted:
His comment reflects a growing belief that bitcoin can help nations hedge against inflation, devaluation and mounting fiscal pressure.
The Bitcoin Office of El Salvador was also vocal, sharing a screenshot of their bitcoin purchases on X, saying:
Bitcoin advocate and educator, Saifedean Ammous, shared the news on X, adding:
Opinions are divided on whether the sale was shortsighted or just cautious.
Some analysts believe the Bulgarian government just didn’t understand Bitcoin at the time, and that the sale was motivated by unfamiliarity of the philosophy, utility, and mission of Bitcoin.
Others say the government’s cautious approach might have been influenced by several factors, including immature custody systems and unclear regulations.
There is also the possibility that the pressures from the European Union to maintain fiscal discipline played a big role. From that perspective, liquidating the seized BTC was the cleanest and most hassle-free way to move forward.
Bulgaria isn’t the only one missing out on bitcoin profits. Germany sold almost 50,000 bitcoin in 2024 for an average of $57,900 each, earning about $2.89 billion. Today, those same coins would be worth over $6.1 billion.
Related: German Government’s Bitcoin Sales | The Wrong Play?
In the end, this story is a reminder of how fast the financial landscape can change, and how governments need to balance caution with long-term vision.
