Recently, a hot topic has resurfaced in the crypto world—the claim that a certain oil-rich country is exchanging gold and energy revenues for Bitcoin. The numbers circulating this time are even more explosive, suggesting they have accumulated 600,000 BTC, which is roughly $60 billion at current prices.

This claim mainly comes from investigative reports and secondhand information. It is speculated that since 2018, they have been selling gold reserves and converting the proceeds into crypto assets through underground channels to bypass financial sanctions.

But here’s the problem—major blockchain analysis firms have pointed out that the figure of 600,000 BTC is not derived from on-chain data at all. People have estimated it based on the amount of gold sold. The key issue is that, to this day, no reliable blockchain intelligence platform has been able to prove that these large Bitcoin wallets actually belong to that country's government or its leaders.

Interestingly, the market is also debating a key figure—a businessman who was detained by the U.S. from 2020 to 2023. The outside world suspects he might control hundreds of billions of dollars in Bitcoin. But if that’s true, this holding scale would far exceed the official foreign exchange and gold reserves announced by their central bank, which clearly doesn’t add up.

So the question is: is the market overestimating, or is there really a massive hidden asset out there? This remains a mystery to this day.