Venezuela Questions Hidden Bitcoin Reserve of 600K

Venezuela and Speculations About a Bitcoin Reserve

Following the capture of Venezuelan President Nicolás Maduro by the U.S., questions have resurfaced regarding a potential hidden reserve of 600,000 BTC, valued at $60 billion. Investigative journalist Bradley Hope claimed that the Venezuelan government has converted gold into cryptocurrencies over the years. He mentioned a Swiss lawyer who controls access to the crypto wallet, raising concerns about the involvement of Alex Saab, the sanctioned Minister of Industry and National Production.

Although Hope's theory quickly gained traction in the media, major blockchain analysis platforms have found no evidence to support the existence of these undeclared holdings.

Where Does the 600,000 BTC Figure Come From?

The speculation that Venezuela may hold up to 600,000 BTC has captured attention, especially since websites like BitcoinTreasuries.net suggest that the country has accumulated only 240 BTC (approximately $22.2 million) since 2022. This figure of 600,000 BTC is not based on on-chain evidence but represents a mathematical estimate derived from Venezuela's gold sales in 2018.

Venezuela's Cryptocurrency Adoption

Venezuela adopted cryptocurrencies early, but the holdings remain opaque. The Maduro regime has experimented with cryptocurrencies since 2018, the year it launched its digital national currency, Petro, backed by oil. Although cryptographic payment mechanisms were initiated for oil transactions, transparency regarding the government’s cryptocurrency reserves remains limited.

Despite the growing popularity, Venezuela struggles to prove the current nature of its Bitcoin reserves. It is estimated to rank 11th among countries for cryptocurrency adoption by 2025, according to a TRM Labs report. However, platforms like Arkham do not track government-linked wallets, and Chainalysis and Elliptic have declined to comment.