Bulgaria’s Bitcoin Stash Could Wipe Out Entire National Debt, Says Report

In a remarkable turn of events, Bulgaria is back in the spotlight of the crypto world after reports revealed the country's massive Bitcoin (BTC) reserves—seized in a 2017 anti-corruption operation—are now worth enough to pay off its entire national debt.

213,000 BTC Seized — Now Worth Billions

In May 2017, Bulgarian authorities confiscated 213,519 BTC (worth ~$500 million at the time) during a crackdown on customs fraud. Fast forward to July 2025, and that stash is now estimated to be worth over $13 billion—exceeding the country’s current national debt of roughly €12.5 billion.

While there’s still mystery around the BTC’s custody—with some conflicting government statements over whether the country still holds the coins—the potential implications are monumental.

Why This Matters

1. Bitcoin as a Sovereign Asset:
If Bulgaria still controls the BTC, it would be the first country in modern history able to erase its sovereign debt using crypto reserves alone.

2. National Reserves Strategy:
This could reshape discussions around Bitcoin as part of national reserves, especially in emerging markets.

3. Transparency Issues Remain:
The lack of clarity around whether Bulgaria sold part (or all) of the BTC stash raises urgent questions around public fund transparency and crypto asset disclosure.

The Bigger Picture

• Geopolitical Implications: Other nations may consider BTC as a hedge or reserve asset after Bulgaria’s potential windfall.
• Crypto Legitimacy: Bitcoin’s ability to outperform fiat and gold could drive sovereign interest in digital assets.
• Government Adoption: If confirmed, Bulgaria may join countries like El Salvador in leading crypto adoption at the national level—but with a dramatically different use case: debt elimination.