Venezuela is accused of secretly exchanging gold for Bitcoin, valued at around $60 billion? But there is still a lack of on-chain evidence.

Venezuela is rumored to have exchanged up to 600,000 Bitcoin for gold, but there is a lack of on-chain evidence to support this. Most analyses consider it speculative and difficult to verify as a national reserve.

Gold-for-Bitcoin Rumors Resurface, 600,000 BTC Claim Sparks Market Attention

Recently, there has been widespread speculation that the Venezuelan government, under international sanctions pressure, has been converting gold and oil revenues into Bitcoin over the long term, accumulating a scale of around 600,000 BTC. Based on current prices, this amounts to approximately $60 billion.

The related claims originate from some investigative reports and secondary information, suggesting that Venezuela has been selling gold reserves since 2018 and converting the proceeds into crypto assets through informal channels to evade financial sanctions.

However, multiple blockchain analysis firms point out that this figure is not derived from on-chain data but is inferred from gold sales amounts, lacking verifiable wallet ownership evidence. Even though Venezuela has been active in using crypto assets, there is still no recognized blockchain intelligence platform that can directly attribute large-scale Bitcoin wallets to the Venezuelan government or President Nicolás Maduro.

Key Figures and Official Reserves Data Show Clear Discrepancies with Rumors

One of the market’s doubts centers on Alex Saab, who is viewed by outsiders as a behind-the-scenes operator. Saab was detained by the U.S. from 2020 to 2023, yet some speculate he still controls Bitcoin assets worth hundreds of billions of dollars.

If this is true, the scale of holdings would far exceed the total foreign exchange and gold reserves publicly announced by the Central Bank of Venezuela during the same period, which clearly does not match official financial records. Moreover, Saab has been under long-term judicial supervision, making it practically difficult to directly command complex cross-border crypto asset movements.

Analysts point out that if Venezuela truly holds such a large amount of Bitcoin, typical large fund flows, mixing, or cross-chain activities should be observable on the blockchain. However, there is currently no concrete evidence to support the existence of a “national-level Bitcoin vault.”

Early Adoption but Systemic Disorder, Experts Believe Assets Are Difficult to Enter the National Treasury

Undeniably, Venezuela is one of the Latin American countries with the highest adoption of cryptocurrencies. High inflation, capital controls, and a failing financial system have driven the public to extensively use cryptocurrencies as a store of value and cross-border payment tools. The government has also launched a digital currency called Petro, pegged to oil, and encouraged state-owned enterprises to settle some transactions using crypto.

However, several local observers familiar with the situation point out that years of systemic corruption and governance disorder make it extremely difficult for any potential gains to be converted into “national reserves.” From state oil company PDVSA to crypto regulatory agencies, there have been scandals involving large sums of money being secretly embezzled.

In this context, even if there are Bitcoin or mining revenues, they are more likely to flow into the hands of individual power centers or underground networks rather than forming auditable, traceable official reserves. Most blockchain analysts therefore believe that Venezuela “may have Bitcoin,” but the claim that the “regime secretly hoards $60 billion worth of Bitcoin” remains speculative until supported by on-chain evidence.

Further Reading
Trump’s Arrest of Venezuela’s President! China and Russia Condemn It as a Violation of International Law, Bitcoin Surges Past $93,000 This Morning
What is Venezuela’s Oil-backed Digital Currency? Understanding the Oil-rich Country Using Crypto to Sanction-Proof, and the Influence of China and Russia
Maduro’s U.S. Court Trial Insists on Innocence! UN Urgently Holds a Meeting on Venezuela, and Countries’ Positions Are Revealed

This article is compiled by Crypto Agent from various sources, reviewed and edited by “Crypto City.” It is still in training, and may contain logical biases or informational errors. Content is for reference only and should not be considered investment advice.