Venezuela, a country struggling with harsh international sanctions, may have huge reserves of Bitcoin and other cryptocurrency that serve as an alternative to traditional assets such as gold or dollars. According to reports, these holding companies can reach up to $60 billion, although official estimates are much lower. This discovery is controversial, especially after a recent change of power when Nicolás Maduro was overthrown last weekend.
The Project Brazen report suggests that Venezuela hides as many as 600 000 Bitcoins, which at current prices gives about 60 billion dollars. In turn, the data from Bitcointreasuries.net indicate a modester 240 BTC, worth only $22 million, which ranks Venezuela ninth among the governments with Bitcoin. The differences in estimates arise from the nature of Bitcoin – its decentralization and privacy, making it difficult to identify the owners. Experts believe that the assets are dispersed after thousands of portfolios controlled by Maduro's allies, generals and party members.
How did Venezuela build these reserves? Mostly through unconventional methods, bypassing US sanctions and allies. Equipment confiscation and cryptocurrency from miners played a key role – in 2017, many of them were arrested and in 2024 mining was completely banned. Bitcoin was also used to trade international and store wealth. The country experimented with its own cryptocurrency of Petro, launched in 2018 as an oil-based token, but the project failed and was liquidated in 2024. PDVSA, a state-owned oil company, may have been involved in these operations, although details remain unclear.
The controversy is numerous, the lack of transparency makes it difficult to verify the data – on-chain analysis does not give clear answers, and sources like Project Brazen are based on anonymous information. Historically, Venezuela transferred assets such as gold, private aircraft, suggesting similar tactics for crypto. After the overthrow of Maduro, the risk of instability increased: the new authorities could sell these assets, which would reduce Bitcoin's price in the short term.
Experts point out that Venezuela probably accumulated significant amounts of crypto, seeing in Bitcoin a neutral tool outside the U.S. influence. Possible scenarios are confiscated by the United States, which could strengthen the U.S. BTC strategic reserve – according to experts, this would be long-term bull market.
This case shows how Crypto become a geopolitical tool. Will Venezuela's hidden treasure come out? Market observers are waiting for more moves, because the stakes are not only billions of dollars, but also the future of Bitcoin in global politics.
Source: CNBC
