In 2017, Bulgarian authorities seized over 213,500 Bitcoin from a cyber crime case, briefly making the government one of the world’s largest holders.

By 2018, officials reportedly sold most of the stash for around $3.5 billion, a sum equivalent to nearly a fifth of Bulgaria’s national debt at the time. Today, that Bitcoin would be worth over $25 billion.

Critics argue Bulgaria missed a historic windfall, but governments often prioritize certainty over speculation. Converting volatile crypto into guaranteed funds reflected a cautious fiscal stance avoiding risks that could have easily turned into massive losses.