Venezuela's Alleged $60B Bitcoin Hoard: Separating Fact from Fiction in the Crypto Debate

When Bitcoin first emerged in 2009, it faced widespread skepticism. Warren Buffett’s former partner Charlie Munger famously dismissed it as “stupid and bad.” Yet the narrative has shifted dramatically—especially after US President Donald Trump signed an executive order in January establishing a strategic Bitcoin reserve and labeling Bitcoin as “digital gold.” Now, a controversial claim is circulating about Venezuela potentially holding a massive hidden Bitcoin stash worth $60 billion.

The $60 Billion Claim: What Project Brazen Reported

According to a research paper published by digital outlet Project Brazen, Venezuelan leader Nicolas Maduro and his associates may have secretly accumulated approximately $60 billion in Bitcoin through three alleged channels:

• Gold swaps: Transactions allegedly orchestrated by Interior Minister Alex Saab in 2018
• Oil revenue conversion: Pricing oil revenues directly in Bitcoin
• Mining equipment seizures: Confiscating cryptocurrency mining equipment from domestic miners

The research suggests that years of international sanctions—which severely restricted Venezuela’s access to global financial markets—may have incentivized government officials to pivot toward cryptocurrency alternatives.

The Reality Check: Official Records Tell a Different Story

However, mainstream data paints an entirely different picture. According to Bitcointreasuries, Venezuela officially holds only 240 BTC, valued at approximately $22 million. This figure relies primarily on a 2022 Forbes report and blockchain analytics research. For comparison, the US government maintains a portfolio of 328,372 BTC worth roughly $30 billion—more than 1,000 times larger than Venezuela’s official holdings.

The $60 billion claim appears starkly disconnected from any verifiable public records.

Industry Skeptics Weigh In: The Inside Perspective

Mauricio di Bartolomeo, co-founder of lending platform Ledn and a Venezuelan native with deep ties to the country’s mining sector since 2014, offers credible pushback. His family has direct experience with government seizures: their mining equipment was confiscated in 2018 and returned five years later in severely degraded condition—evidence that equipment had been heavily utilized rather than carefully stored.

“It doesn’t match anything in the public records,” Di Bartolomeo stated bluntly. “Given the pervasive corruption, embezzlement, and unaccounted financial losses throughout Venezuelan institutions, I simply don’t believe such a massive Bitcoin accumulation could have occurred without surfacing.”

What’s Actually Happening: Stablecoins Fill the Real Gap

Interestingly, the real cryptocurrency story in Venezuela involves stablecoins, not Bitcoin. Due to hyperinflation ravaging the local currency, Venezuelans increasingly rely on stablecoins for remittances, often achieving better exchange rates than traditional cash transfers. This reflects genuine adoption—not speculative hoarding.

The Bottom Line: Mystery Remains Unsolved

Determining Venezuela’s true cryptocurrency holdings is virtually impossible given blockchain’s decentralized and privacy-preserving characteristics. If the $60 billion narrative were validated, it would fundamentally reshape global Bitcoin market dynamics. For now, however, most mainstream analysts and industry insiders maintain healthy skepticism about this “shadow reserve” narrative, pending credible evidence.