Is Venezuela Hiding a 600K Bitcoin Reserve? Analysts Remain Unsure

• Claims suggest Venezuela could hold up to 600,000 BTC worth nearly $60B
• Theory links Bitcoin accumulation to years of gold sales
• Blockchain analysts say no onchain evidence supports the claim
• Venezuela’s long history with crypto adds complexity but not confirmation

The recent US capture of Venezuelan President Nicolás Maduro has reignited speculation that Venezuela may be sitting on a massive, undisclosed Bitcoin reserve — a claim that analysts say remains unproven and unsupported by onchain data.

Investigative journalist Bradley Hope recently outlined a theory suggesting the Venezuelan government may have quietly converted gold reserves into Bitcoin over several years, potentially accumulating as much as 600,000 BTC. If true, such a reserve would be worth roughly $60 billion at current prices.

Hope’s report, published through the investigative newsletter Whale Hunting, alleges that wallet access may be controlled by a Swiss lawyer and raises questions about the possible involvement of sanctioned Venezuelan official Alex Saab. While the theory quickly gained traction across crypto and mainstream media, major blockchain intelligence firms have yet to confirm any evidence supporting the claim.

Where the 600,000 BTC Figure Comes From

The estimate that Venezuela could hold 600,000 Bitcoin is not derived from blockchain analysis. Instead, it is based on calculations tied to Venezuela’s historical gold sales, particularly a 73-ton sale in 2018 that accounted for roughly 40% of the country’s gold reserves.

Public trackers such as BitcoinTreasuries.net report that Venezuela holds just 240 BTC — about $22 million — accumulated since 2022. However, even this smaller figure has been met with skepticism.

Whale Alert co-founder Frank Weert told Cointelegraph that if Venezuela truly held hundreds of thousands of Bitcoin, it would represent a remarkable failure of blockchain surveillance. He added that such a claim would require substantial proof, noting that large-scale holdings are typically difficult to conceal indefinitely.

Weert also cautioned that some publicly cited figures, including the 240 BTC estimate, are not always backed by verifiable onchain transactions.

Venezuela’s Early Crypto Adoption Adds Context — Not Clarity

While analysts remain unconvinced about a hidden Bitcoin reserve, Venezuela’s long-standing relationship with crypto is well documented. According to Ari Redbord, global head of policy at TRM Labs, the Maduro government began experimenting with cryptocurrencies well before most other nations.

In 2018, Venezuela launched the Petro, an oil-backed national digital currency aimed at bypassing international sanctions. The project was officially shut down after six years but marked one of the earliest attempts by a state to deploy crypto infrastructure at scale.

Redbord also noted that Venezuelan state entities were encouraged to use crypto-based payment systems for oil exports and cross-border transactions, often routing payments through digital wallets rather than traditional banks.

Beyond state use, crypto adoption among Venezuelan citizens has surged amid chronic inflation of the bolívar. In 2025, Venezuela ranked 11th globally for crypto adoption, according to TRM Labs.

Why Proving a Hidden Bitcoin Reserve Is So Difficult

Despite widespread crypto usage, Venezuela’s government-linked wallets remain largely opaque. Platforms such as Arkham do not track any confirmed Venezuelan state wallets, while Chainalysis and Elliptic declined to comment on the allegations.

Nansen’s head of research, Aurelie Barthere, said that while some Venezuela-linked wallet clusters exist — including those tied to state-aligned exchanges like Criptolago — definitive attribution is extremely challenging.

Barthere explained that sophisticated obfuscation techniques, including fragmented unhosted wallets, offshore OTC brokers, coin mixers, cross-chain swaps and even state-controlled mining, can significantly complicate tracking efforts. These methods are often designed to maintain plausible deniability unless private keys are directly compromised.

While blockchain analytics can sometimes reconstruct transaction trails using behavioral patterns, Barthere emphasized that such structures remain highly effective at masking large-scale asset movements.

No Proof - For Now

At the time of publication, neither Bradley Hope nor the US Department of Justice had responded to requests for comment regarding the alleged Bitcoin reserve or any potential crypto seizure linked to Venezuela.

For now, analysts agree on one point: despite Venezuela’s deep crypto ties and creative financial history, there is still no concrete evidence that the country is secretly holding hundreds of thousands of Bitcoin.