Bulgaria has the second largest bitcoin reserves in the world, after Satoshi Nakamoto. The Bulgarian authorities have cracked down on the collection of a large amount of bitcoin in the country’s illegal activities, as many criminal activities are paid in bitcoin. In a series of arrests in mid-2017, the Bulgarian government seized 213,519 bitcoins, currently worth nearly $1.5 billion. Although it is unknown whether the Bulgarian government has used or retained any bitcoin, the amount is sufficient for the country to repay 25% of its national debt. The country’s hoarding of bitcoin exceeds that of the United States because the US authorities usually auction any seized tokens as soon as possible.