Bulgarian Authorities Find Over 200,000 Bitcoins That Were Confiscated Earlier This Year

Many find it astonishing that the three-figure worth bitcoins in the beginning of the year, has turned into a five-figure investment now.

bitcoin, Bulgaria, digital, virtual, currency, seize, value, worth, rise, inflate, grow, Coinbase, exchange, conficate, fraud, encrypt, cryptocurrency
Reacho_Header

Are you biting your tongue out of regret for not investing in bitcoins earlier? Well, join the gang.

The Cryptocurrency which started as a suspicious investment is now a pot of gold for those who invested in it.

According to Coinbase, a digital currency exchange, the bitcoins were worth £12,509 ($16,699) two days ago. The rise has been more than £7,000 since the previous month.

So if we were made folks who are hitting the jackpot through bitcoins stand in a line, it will be Bulgaria who would stand at #1 spot. The country’s politicians just learnt that they were sitting on a pile of bitcoins that could settle up one-fifth of country’s national debt. That amounts to a whopping $16.5 billion!

 Source: fortune

However, ‘learn’ does not mean just waking up and finding a treasure box one fine day. The country’s anti-corruption body had seized the virtual currency, despite many wondering how a country could take possession of the digital currency! But looks like they just did!

The Southeast European Law Enforcement Centre conducted an investigation earlier this year to check in the alleged customs fraud. A huge number of citizens was arrested for violating the protocols and approximately 213,519 bitcoins were seized in the same operation.

At the end of the operation, the seized virtual currency was worth of £374 million ($500 million). But today, the bitcoin bag is worth £2.6 billion ($3.6 billion). We say, madness!

 Source: tenor

But the million-dollar question that still persists is: Will Bulgaria indulge into speculation another steep rise to pay off more of that long-laid debt or will they cash out before collapse? A gambler’s dilemma!

According to SELC, other items that the police confiscated during the raid are: equipment, devices for communication, computers, tablets, and bank documents. Authorities are hopefully of having a brush with a stroke of luck by finding the passkeys of digital wallets encrypted in the documents and computer files. Or else, all of it would simply be chunks of junk!

Many find it astonishing that the three-figure worth bitcoins at the beginning of the year, has turned into a five-figure investment now. However, experts believe that this too, is a bubble which will soon burst and find its end.

Speculators on the other hand believe that the digital currency would inflate up to £74,949 ($100,000)!

So, we say make hay while the sun shines.

Information source: ladbible

Title image source: sickchirpse


Like our facebook page to stay updated. You can also download Reacho app on Android or iOS to get interesting stories at your fingertips.

News Entertainment Food Travel World Events Nagpur Pune Reacho

Prerana Nikhade (WRITER)

Prerana Nikhade writes for Reacho. If you wish to get in touch with them, drop in a mail at:

Reacho_Body