These Governments are Hoarding a Lot of Bitcoin
With the skyrocketing value in 2017, there is no doubt that many governments are also aiming to hop on the crypto bandwagon. Even the Venture Capital firms and hedge funds are partaking in this fervor.
This stemmed from the arrest of 23 Bulgarian nationals and the seizure of the stolen cryptocurrency. Interestingly, the amount of Bitcoin seized could be sufficient to cover 20% of the national debt. However, the Bulgarian Government has not made any decision on how to utilize this digital money.
Another country to take part in this Bitcoin holdings and auctions phenomenon is United States. More than 44,00 BTC were auctioned off by the US Marshals Service. This set of Bitcoin was seized from Silk Road operator Ross Ulbricht
The Swedish Government shared a similar experience as Bulgaria. On October 19, 2017, this government auctioned off seized Bitcoin at above market price. When the auction was announced, the seized Bitcoin were up for grabs at 3,200 US dollars.
While the auction itself was a success, the identity of the bigger remained confidential. Even Kronofogden, the government agency that auctioned off the digital currency, did not issue a statement regarding the conclusion of the event.
North Korea has also been linked to hacking incidents in South Korea. This gives rise to speculations that the hermit government is stealing and mining cryptocurrency to use as an ‘economic weapon’. Aside from Bitcoin, this government is also accused of stealing and hoarding Monero cryptocurrency.