Unproven claims suggest gold-to-Bitcoin conversions worth $60 billion, but blockchain data offers no confirmation
Speculation has resurfaced over whether Venezuela secretly holds a massive Bitcoin reserve estimated at 600,000 BTC, potentially worth around $60 billion. The theory has gained traction amid renewed scrutiny of the Maduro government, yet blockchain analysts say there is no onchain evidence supporting such claims.
The figure is not derived from blockchain tracking. Instead, it is based on Venezuela’s historical gold sales, including a major 73-ton gold transaction in 2018, representing roughly 40% of national reserves. Analysts argue that assuming all proceeds were converted into Bitcoin is speculative and unverified.
Public trackers indicate Venezuela holds approximately 240 BTC, a fraction of the rumored amount. Even this smaller figure remains difficult to verify, as some reported data lacks transparent transaction proof. Experts note that hiding hundreds of thousands of Bitcoin would require unprecedented levels of obfuscation.
Venezuela has a long history of crypto experimentation, including the now-defunct oil-backed Petro and the use of digital wallets for oil and cross-border payments. While crypto adoption among citizens is high due to inflation, state-level holdings remain opaque.Despite early adoption and sophisticated financial maneuvers, no credible evidence confirms a hidden Venezuelan Bitcoin reserve. Until verifiable data emerges, the 600,000 BTC claim remains unsubstantiated speculation, not established fact.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.