Earlier this year Bulgarian police seized 213,519 Bitcoins from 23 Bulgarian criminals looking for a way to launder and store money.
Bulgaria's national debt is around $16.4 Billion and the 213,519 Bitcoins is now worth around $3.5 Billion, which is enough to knock off 1/5 of the national debt in Bulgaria.
Now why would Bulgaria want to pay back the ECB or the European Central (or Criminal) Bank, all those bitcoins for a measly 1/5 less of their national debt? Let me explain why this would be a monumental waste of Bitcoins.
RIght now the circulating supply of bitcoin is approximately 16,736,800 and the total capped supply of Bitcoins is 21,000,000. Bulgaria hold 213,519 which means that it currently holds about 1.2% of the circulating supply or 1% of the total supply of Bitcoins.
Now that may not seem like a lot but lets say that the price projects of bitcoin hitting $1,000,000 is true in say 10 years. If we take Bulgaria national debt and assume the interest per year is steady at approximately $672 Million/year, that would mean that in 10 years Bulgaria reaches a national debt of $23.1 billion. If bitcoin reaches $1,000,000 in 10 years the amount that Bulgaria holds will be worth $350 billion. So Bulgaria will have more than enough to pay off it's total debt and will still have $326.9 billion remaining. meaning it would have only taken off a measley 0.066% off the 1% of the bitcoin supply leaving Bulgaria debt free, and with 0.934% of the total Bitcoin supply.
Bulgaria may have enough Bitcoin to trump it's total Nominal GDP and PPP GDP in the future. What does that mean for Bulgaria? Im not sure, good things I reckon.
So my advice to Bulgaria: HODL!