Bulgaria's $25 Billion Bitcoin Regret: How a 2017 Decision Still Haunts a Nation

Back in 2017, Bulgarian authorities seized over 213,500 bitcoins—a massive haul that seemed like a regulatory victory at the time. Just one year later, in 2018, the government made a fateful call: sell the entire cache at roughly $15,000 per coin, generating $1.7 billion in immediate revenue.

On paper, it looked pragmatic. A quick injection of liquidity for state coffers, a decisive move against crypto volatility. But the market had other plans.

**When Opportunity Costs Become National Lessons**

Fast forward to today, and that decision reads like a masterclass in expensive timing. Bitcoin now trades at $92,860+, making those same 213,500 BTC worth over $25 billion—nearly 15 times the sale price. For Bulgaria, a nation dealing with substantial debt pressures, this represents more than just lost wealth. It's a complete national debt clearance opportunity that slipped away due to a single strategic miscalculation.

The crypto news from this saga isn't just about Bulgaria anymore. It's become a cautionary tale that echoes through government treasuries worldwide: early Bitcoin seizures weren't just regulatory actions—they were inadvertent wealth transfers to whoever might eventually acquire those coins.

The real question haunting policymakers now isn't whether Bitcoin was a bubble. It's whether treating strategic asset accumulation as a quick fundraising mechanism was ever the right call. For Bulgaria, the answer came far too late.