Speculation surrounding Venezuela’s alleged large-scale Bitcoin holdings has resurfaced, reigniting global debate. A recent report suggests that the Latin American country may be holding Bitcoin reserves valued at up to US$60 billion, nearly double the estimated Bitcoin holdings of the U.S. government.

The claim was first raised by digital media outlet Project Brazen, which asserted that Venezuela possesses what it described as a “shadow reserve” of Bitcoin. The accumulation is believed to have taken place over several years, amid Venezuela’s economic isolation resulting from international sanctions.

Alleged Sources of Bitcoin Accumulation

According to the report, Venezuela’s Bitcoin holdings are thought to originate from three primary channels. The first involves gold-for-assets exchanges in 2018 linked to Alex Saab, a key figure in Venezuela’s international trade operations. The second relates to oil export revenues reportedly denominated in Bitcoin as a way to bypass global financial restrictions. The third source involves the seizure of crypto mining equipment from local miners by state authorities.

For years, economic sanctions have limited Venezuela’s access to international financial markets. Some analysts argue that this environment may have encouraged authorities to turn to cryptocurrencies as an alternative means of maintaining liquidity and facilitating cross-border transactions.

Public Data Tells a Different Story

However, publicly available on-chain data paints a sharply contrasting picture. Bitcoin treasury tracking website Bitcointreasuries.net lists Venezuela’s holdings at only around 240 Bitcoin, valued at approximately US$22 million. This figure is based on a 2022 Forbes report citing research from a blockchain analytics firm.

By comparison, the U.S. government is estimated to control more than 328,000 Bitcoin worth roughly US$30 billion, largely acquired through law enforcement seizures. This stark discrepancy has fueled widespread skepticism toward claims of Venezuela’s alleged shadow reserves.

Doubts have also been voiced by Mauricio di Bartolomeo, co-founder of Ledn and a prominent figure in Venezuela’s digital asset industry. He argues that none of the three proposed accumulation sources are supported by solid public evidence.

He further noted that Venezuela’s long-standing issues with corruption, embezzlement, and missing state funds make the existence of a large Bitcoin reserve highly unlikely. Di Bartolomeo also shared that his family’s mining equipment was confiscated by the government in 2018 and returned five years later in damaged condition, suggesting state use without transparency regarding outcomes.

He added that in practice, stablecoins are far more widely used in Venezuela than Bitcoin. Amid severe inflation, residents tend to rely on stablecoins for remittances due to their relative price stability compared to local currency or cash.

In practical terms, verifying state-level crypto ownership is inherently difficult given the decentralized nature of digital assets. Nevertheless, if Venezuela’s alleged Bitcoin reserves were confirmed, the implications for global geopolitics and the Bitcoin market could be substantial.

The trend of governments treating Bitcoin as a strategic asset has gained momentum since the United States formally established a national Bitcoin reserve through an executive order in early 2025. This move signaled a shift in Bitcoin’s role from a speculative instrument to a state-level strategic resource.

In Venezuela’s case, ongoing political uncertainty and strained relations with the United States further cloud the future of the alleged Bitcoin reserves. Regardless of whether the claims prove accurate, the controversy underscores Bitcoin’s growing influence in global power dynamics and national economic strategies.