Analysts Unsure as Claims of Venezuela’s 600K Bitcoin Reserve Surface

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Venezuela’s early crypto adoption and gold-to-Bitcoin conversion speculation raise questions about a $60 billion reserve, though analysts have found no proof.

The US capture of Venezuelan President Nicolás Maduro has renewed questions over whether Venezuela holds an undisclosed Bitcoin reserve, which analysts say remains unproven.

On Saturday, investigative journalist Bradley Hope outlined a theory that Venezuela may be holding a hidden Bitcoin reserve worth up to $60 billion, claiming that its government has been converting gold into cryptocurrency over several years.

“Sources describe a Swiss lawyer who controls wallet access,” Hope said in a co-authored report published by the investigative newsletter Whale Hunting, raising questions about the alleged involvement of Alex Saab, Venezuela’s minister of industry and national production, who has been sanctioned by the US.

Although Hope’s theory was quickly picked up by the media, major blockchain intelligence platforms have yet to find proof of Venezuela’s undeclared Bitcoin holdings.


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