Is Venezuela Hiding A 600k Bitcoin Reserve? Analysts Remain Unsure (2026)
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 (BTC) 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.
Speculation that Venezuela may hold up to 600,000 BTC has drawn attention, particularly as trackers like BitcoinTreasuries.net suggest that the country has accumulated just 240 BTC (about $22.2 million) since 2022.
The 600,000 BTC figure is not based on onchain evidence. Rather, it is a mathematical estimate derived from Venezuela’s gold sales since 2018, including a 73-ton sale that year, which accounted for about 40% of the country’s gold reserves.
“If they actually possessed 600,000 Bitcoin, then they managed to fool a lot of blockchain analysts,” Whale Alert co-founder Frank Weert told Cointelegraph, adding: “They need to come with some serious proof for such a claim.”
Weert also expressed caution about the 240 BTC reported by BitcoinTreasuries, noting that its data is not always backed by verifiable transactions.
“While we are still looking into potential Maduro regime crypto holdings, it’s important to note that the Maduro regime has been experimenting with cryptocurrencies for years — in fact, long before most other governments,” said Ari Redbord, global head of policy at blockchain intelligence company TRM Labs.
Source: CoinTelegraph
