Venezuela's Bitcoin could be one of the biggest targets of the US along with oil

Source: PortaldoBitcoin Original Title: Venezuela’s Bitcoin Could Be One of the US’s Biggest Targets Alongside Oil Original Link: Following the U.S. operation that resulted in the capture of Venezuela’s leader, Nicolás Maduro, a climate of tension and uncertainty has taken hold not only over the future of the Latin American country but also over its resources.

Even during the weekend, President Donald Trump stated that the US will control Venezuelan oil, reigniting the debate over the country’s strategic assets. But what has been little discussed in the media, yet gaining momentum online, is the future of Venezuela’s cryptocurrency holdings, one of the largest Bitcoin holders in the world.

The theory of a “shadow reserve” of Bitcoin and Tether built by the Maduro regime over the past years is gaining strength. Open data suggests that Venezuela would only have about 240 BTC, valued at around US$22 million. But this number could be much higher.

According to intelligence reports cited by researchers Bradley Hope and Clara Preve, since 2018, Venezuela has accumulated crypto assets through gold exchanges, demanding the liquidation of oil exports in Tether (USDT) to circumvent sanctions, and later converting part of this flow into Bitcoin, recognizing that stablecoins can be frozen by issuers.

The estimate combines three main vectors: gold conversions between 2018 and 2020, crypto revenues associated with oil trade after the Petro failure, and seizures related to domestic mining. The result, according to the reports, would be an implicit stock between US$56 billion and US$67 billion, roughly 600,000 to 660,000 bitcoins, comparable to the holdings of major global corporate treasuries.

Cryptocurrency presence in the Venezuelan economy is not recent. For years, the country has resorted to digital assets as an alternative to bypass international sanctions, currency collapse, and banking dysfunctions. In 2018, Maduro’s government launched Petro, a state cryptocurrency supposedly backed by oil and minerals, in an attempt to circumvent sanctions and raise external funds. The project failed, gained no international traction, and was eventually discontinued.

Nevertheless, the financial vacuum opened space for the widespread use of stablecoins as an informal substitute for the dollar in daily transactions, benefiting families and businesses while raising alerts about the use of these financial rails by state-linked agents to evade restrictions and redirect trade and energy payments.

Blockchain intelligence experts describe this ambiguous role clearly. According to Ari Redbord, global head of policy at TRM Labs, crypto assets and stablecoins serve as essential infrastructure for civilians in a fragile economy but also as an alternative channel for settlement when sanctions block access to the formal financial system. The lack of explicit mentions of cryptocurrencies in criminal charges against Venezuelan authorities does not mean the topic is irrelevant but rather that the focus is on drug trafficking, corruption, and violence.

Will the US Take Venezuela’s Bitcoin?

The hypothesis that a significant portion of this stock could fall under US control adds a new layer to the debate. In scenarios discussed by analysts, investigators could offer deals, reduce sentences, or protect family members in exchange for the surrender of private keys. Even so, the process would not be immediate. The most likely outcome involves lengthy legal disputes, with the assets classified as frozen property, under custody of the US Treasury, with no movement possible for years.

From a market perspective, the consequence would be paradoxical. In the short term, uncertainty tends to increase volatility. But by removing about 3% of the available Bitcoin supply from circulation, a prolonged freeze would act as a forced “lock-up,” reducing the liquid supply and fueling bullish narratives.

Some also see the possibility of a strategic turnaround, where Washington might choose to keep the assets as a permanent reserve, aligning with recent speeches favoring sovereign Bitcoin reserves. A quick liquidation remains considered remote in the current political environment.

While the spotlight is on oil, the “elephant in the room” could be digital. If the estimates are confirmed, Venezuela would not only be among the largest Bitcoin holders in the world but also place cryptocurrencies at the center of a geopolitical dispute with direct effects on supply, demand, and global prices.