Hypothesis a couple of secret Venezuelan bitcoin stash resurfaced after studies tied to the US seize of President Nicolas Maduro.
Investigative journalist Bradley Hope claimed Venezuela could have transformed gold into bitcoin over a number of years, probably constructing a reserve price as much as $60 billion.
Hope wrote that sources described a Swiss lawyer controlling pockets entry and raised questions in regards to the function of sanctioned Venezuelan official Alex Saab.
The place the 600,000 BTC declare comes from
The 600,000 BTC determine just isn’t based mostly on onchain proof.
As a substitute, it’s described as a mathematical estimate linked to Venezuela’s gold gross sales since 2018, together with a reported 73-tonne sale that yr.
Trackers cited within the report counsel Venezuela has collected about 240 BTC since 2022, however that determine can be disputed.
Whale Alert co-founder Frank Weert instructed Cointelegraph:
“If they really possessed 600,000 Bitcoin, then they managed to idiot quite a lot of blockchain analysts.”
Analysts say proof continues to be lacking
Weert additionally cautioned that the 240 BTC determine just isn’t all the time backed by verifiable transactions.
Main blockchain intelligence corporations haven’t introduced proof of huge, undeclared Venezuelan bitcoin holdings.
Venezuela’s lengthy historical past with digital property
TRM Labs’ Ari Redbord mentioned the Maduro authorities has experimented with digital property for years, together with launching the oil-backed Petro in 2018.
Redbord mentioned state entities had been directed to make use of digital-asset cost mechanisms for oil-related and cross-border transactions.
TRM Labs additionally reported Venezuela ranked eleventh among the many high 20 nations for digital-asset adoption in 2025.
Nansen analysis head Aurelie Barthere mentioned attribution is troublesome as a result of fragmented wallets and offshore over-the-counter brokers.