Trump eyes Maduro's 660,000 Bitcoins! Worth more than 60 billion in oil

Maduro claims to hold 660,000 Bitcoins worth $60 billion. Venezuela sold 73 tons of gold in 2018 in exchange for 400,000 BTC, then used oil to buy USDT and converted to BTC. Venezuela’s annual oil production is only about $20 billion, which would take three years to earn $60 billion. Directly taking over Bitcoin would immediately credit the account, and Trump achieves four goals with one stone: eliminate Maduro, take control of oil, strengthen strategic reserves.

The origin and verification of the 660,000 Bitcoin rumor

In a previous article, Orange Seat jokingly said, congratulations to the US for increasing its Bitcoin strategic reserve again, but at that time, the publicly known number was 204 Bitcoins. After Maduro was taken away, rumors started that Maduro still has over 600,000 Bitcoins, worth more than $60 billion. Are you kidding me? Venezuela is so poor, yet still has over 600,000 Bitcoins? You should know that MicroStrategy has been working hard for many years, and now they only hold this amount!

Orange Seat, with doubts, researched and found that this might not be just a rumor. According to the information available, Venezuela started buying Bitcoin much earlier than MicroStrategy because they have been under sanctions for many years, so their layout was earlier. The oil-backed currency mentioned in the previous article was developed by Maduro in 2018 under sanctions, but later the coin’s value plummeted, viewed as a scam by the public, and was shut down in 2024.

Do you know what the price of Bitcoin was in 2018? As low as over $3,000! And Venezuela not only has oil but also gold. Rumors say that in 2018, Maduro sold 73 tons of gold, converted all into Bitcoin—about 400,000 BTC—and then settled oil with stablecoins, then converted to Bitcoin. This process of shipping—USDT—BTC, accumulated to possibly hold over 660,000 Bitcoins to date.

Why must they exchange for Bitcoin? USDT can be frozen at any time

You ask why they must exchange for Bitcoin? Because USDT can be frozen, especially under US sanctions. Once the US authorities catch wind, law enforcement can send a notice to Tether, and the coins in those wallets will be frozen immediately, which is essentially zeroing out. Even more interesting, the US can require Tether to reissue these “illegal proceeds” and send them to US authorities. Isn’t that crazy?

If you are Maduro, even if you desperately need US dollars, would you dare to use USDT? Here’s a quick reminder: if it’s USDC or other stablecoins? You should know that USDT was created by Italians, and ultimately under US control. USDC is supported by US domestic forces. Would they refuse cooperation? Other stablecoins have too low a market cap to support such large funds. So, globally, the only digital asset capable of holding hundreds of billions of dollars is Bitcoin.

This logic explains why sanctioned countries are turning to Bitcoin. North Korea, Iran, and other US-sanctioned nations face the risk of US freezing their dollar assets at any time. Bitcoin’s decentralized nature makes it the only large-value storage tool that cannot be controlled by a single country. When you hold hundreds of billions of dollars but cannot use traditional financial systems, Bitcoin is the only option.

The latest reports suggest these assets are being split and stored using multi-signature arrangements. This design enhances security but also means multiple keys are needed to transfer funds. If Maduro is detained in the US, one key might already be in US hands, making asset transfer extremely difficult.

Oil vs Bitcoin economic accounting

Why does Orange Seat say that the US is not just eyeing Venezuela’s oil but also targeting Maduro’s Bitcoin? The reason is simple. Venezuela’s oil reserves are the largest in the world, up to 300 billion barrels, but most are heavy crude, making extraction costly and complex. So, despite having the world’s largest reserves, sanctions and outdated equipment limit daily output to about 1.1 million barrels, which is quite good in recent years.

Although Trump said he would take over Venezuela’s oil resources, Orange Seat sees this as a long-term process. From military presence to investment and construction, then oil production, the process is very lengthy. With Venezuela’s current output of 1.1 million barrels per day and oil prices around $60 per barrel, daily revenue is about $66 million, and annual production can reach up to $20 billion.

Assuming static prices, if future oil and Bitcoin prices remain unchanged, the US would need at least three years to match the value of these 660,000 Bitcoins. This is just the cash flow, not including initial investment costs. If the US wants to continuously siphon wealth from Venezuela by expanding oil production, it would take at least five years to earn $60 billion. Directly taking Maduro’s Bitcoin is equivalent to immediately gaining $60 billion. If you were Trump, what would you choose?

Trump’s four-in-one strategy

Political demonstration: Remove Maduro to cause him social death worldwide, warning other disobedient leaders

Energy control: Take over Venezuela’s oil, support pro-US forces, and treat Venezuela as a backyard to extract wealth long-term

Geopolitical game: Annoying the East, with past negotiations shifting from Maduro to Trump, losing diplomatic initiative

Strategic reserve: Seize 660,000 Bitcoins to strengthen US strategic reserves, immediately adding $60 billion

Dual positive market logic for Bitcoin

However, US actions are a major positive for Bitcoin. If the assets fall into US hands, the strategic reserve won’t be sold, which is bullish for Bitcoin. If they don’t fall into US hands, and Maduro remains a key figure in the US, then this multi-signature asset cannot be transferred or sold in the short term, which is also bullish for Bitcoin. So, forget the rest—any positive news is good news.

The biggest beneficiaries are still us, the HODLers: their Bitcoins are illiquid, ours are freely tradable. The more Bitcoins are locked up, the less circulating, the higher the value. In the future, more people will hold Bitcoin. So, isn’t it more comfortable to quietly buy Bitcoin and wait for the price to rise naturally?

Although the Maduro Bitcoin story is still uncertain, such speculative news is rarely false, especially in crypto circles. Of course, if Trump wants to control this asset, it will also take time and cost, but compared to mining oil, it’s much more comfortable. It’s only been a few months since the incident with Chen Zhi. Logically, if 660,000 Bitcoins truly exist, they are very likely to be confiscated by the US, either through legal procedures or direct takeover of multi-signature keys.