Venezuela’s Alleged 600,000 BTC Shadow Reserve Sparks Global Debate

The U.S. government has long claimed that Venezuelan President Nicolás Maduro accumulated billions of dollars over the years from oil revenues, state-owned gold reserves, and other national assets. According to largely unverified reports, part of this wealth may have been gradually converted into cryptocurrencies—specifically Bitcoin and the stablecoin USDT—forming what some sources describe as a “shadow reserve” beyond the reach of U.S. sanctions. Based on these mostly unconfirmed claims, Caracas may have turned to cryptocurrencies as a way to bypass financial controls imposed by the U.S. Treasury. Between 2018 and 2020, the Maduro administration reportedly sold approximately 73 tons of state gold, valued at around $2.7 billion. Some speculative reports suggest that proceeds from these sales were later converted into roughly 400,000 BTC, although no independent verification exists.

Oil Revenues, USDT, and an Alleged Shift Into Bitcoin Another portion of the alleged crypto reserve is linked to oil export revenues. Toward the end of 2025, Venezuela is said to have settled as much as 80% of its oil exports in USDT. These funds were reportedly later “converted” into Bitcoin to reduce the risk of account freezes and asset seizures under U.S. sanctions. Estimates of Venezuela’s hypothetical crypto holdings range between 600,000 and 660,000 BTC, which at current prices would be worth approximately $56–67 billion. Speculative breakdowns of these assets include: Gold sales between 2018 and 2020 valued at $45–50 billionOil revenues from 2023 to 2025 estimated at $10–15 billionSeized mining assets worth roughly $500 million It is important to note that none of these figures have been confirmed by independent audits or official documentation.

From Petro to Crypto In 2018, Venezuela launched its own state-backed cryptocurrency, Petro, which the government attempted to impose on public institutions and certain service sectors. The project ultimately failed, and in 2024 the government shut it down entirely, selling off all remaining reserves. During the so-called “Petro era,” the Venezuelan government reportedly relied on USDT as an intermediary tool for international settlements, particularly in oil trade. Some of these funds were allegedly later converted into Bitcoin, contributing to today’s speculation surrounding a hidden crypto reserve. The individual believed to have overseen the construction of this financial network is businessman Alex Saab, who has been regarded by U.S. authorities as a DEA informant since 2016.

Did the Rumors Impact Bitcoin’s Price? Speculation surrounding Venezuela’s alleged crypto holdings emerged as Bitcoin experienced a modest price rebound. Over the weekend, the largest cryptocurrency briefly rose by 2.3% to $93,323, marking its highest level since mid-December. Some members of the crypto community argue that claims about “600,000 BTC” may be exaggerated or deliberately circulated as disinformation to put downward pressure on Bitcoin’s price. Critics point out that if the regime truly controlled tens of billions of dollars in crypto assets, its geopolitical position would likely look very different.

Long-Standing Tensions Between the U.S. and Venezuela Relations between the United States and Venezuela have been strained since the late 1990s, when Hugo Chávez rose to power. Following Chávez’s death in 2013, Nicolás Maduro assumed the presidency, a transition that economists say accelerated economic collapse, mass emigration, and the consolidation of authoritarian rule—particularly after the disputed 2018 elections. The currency in Venezuela has lost virtually all of its value over the past decade, driving widespread adoption of alternative payment methods, including cryptocurrencies, among ordinary citizens. The administration of Donald Trump imposed severe sanctions on the Maduro regime, sought to block Venezuelan oil exports, and repeatedly issued military threats. These actions had a profound impact on Venezuela’s economy and accelerated the country’s search for alternative financial channels outside the traditional banking system.

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