The Bitcoin share price has experienced an impressive recovery in recent months. The growing acceptance by institutional investors has also given new impetus to the best-known crypto currency. This country is said to be the largest Bitcoin whale in the world.
- Crypto currencies are becoming more popular with institutional investors
- A European country could already have 200,000 Bitcoins in its possession
- Cyber currency is increasingly seized in raids against organized crime
Bitcoin recently kissed awake again
Since the beginning of this year the Bitcoin has awoken to new life. Exchanges like Bitmex experience new volume records. It is currently quoted at around 10,000 US dollars, but by the end of June it had almost made the leap back to 14,000 US dollars. Crypto experts cite various reasons for the renewed upswing of the digital currency. For example, the cyberdevise is enjoying increasing recognition by various companies as a means of payment, but the growing interest of institutional investors has also helped Internet money to gain new momentum. The social network Facebook’s plan to launch its own crypto currency Libra is also likely to have supported the coin in its recent upward movement.
Although regulatory concerns of various central banks dampened the crypto euphoria a little, blockchain technology is currently being used in more and more companies and numerous other cyberdevises have seen the light of day since the first bit coin was extracted.
Bitcoin – the new gold?
Due to its massive value appreciation in the shortest possible time, the Bitcoin is also increasingly being traded as an asset class that is even compared to the best-known safe haven of gold. Grayscale, the world’s largest digital asset manager, argued that the Bitcoin could be used as a hedge against price losses on the stock market – as is often the case with gold. In this context, it is possible that a European country is already taking advantage of this opportunity and is secretly the largest Bitcoin whale in the world.
Bulgaria – the largest Bitcoin whale in the world?
As early as 2017, Bulgaria announced that it had confiscated over 200,000 Bitcoin in a large-scale raid against organised crime. The criminals had invested the proceeds from illegal activities in the Cyberdevise. This is the conclusion of a press release from the Southeast European Law Enforcement Center (SELEC), which is still available online. – Bitcoin trade Plus 500 – that’s how it works. 80.6% of CFD retail investor accounts lose money. – It is unclear what has happened to the confiscated coins since then. If the country is still in possession of the cyberdevise, it currently has a value of around 2 billion US dollars. Even the 40.4 tons of gold that the country holds in reserve cannot keep up.
However, Bulgaria has denied that the seized Bitcoins are state-owned. On the basis of ongoing investigations, the government reserves the right to maintain silence about the whereabouts of the confiscated coins. However, it cannot be ruled out that the country will still hold the cyberdevise and sell it at a suitable time.
Confiscations on the rise
Bulgaria is, moreover, not the only country that is a supposed Bitcoin whale. Earlier this year it was rumoured that Russia could also invest massively in cyberdevise to circumvent US sanctions, as Russian university professor Vladislav Ginko said. And Bulgaria is by no means the only country to have confiscated large quantities of Bitcoins. In Germany, India, the USA and many other countries, coins acquired through illegal activities have already been confiscated. However, this does not automatically mean that the necessary electronic keys are available with which the digital assets can be accessed. For this reason, confiscation is often the only option and does not necessarily lead to the sale of the confiscated digital assets.