Why the claim of Venezuela holding $60 billion worth of Bitcoin is unfounded

Recent market rumors suggest that the Venezuelan government secretly holds $60 billion worth of Bitcoin. This claim has spread rapidly amid geopolitical events. But how credible is this rumor? Industry insiders who have long been involved in Bitcoin mining in Venezuela have given a clear answer: there is no trustworthy on-chain evidence supporting this claim. Why is this topic so popular, and why does it not hold up under scrutiny?

Where does the rumor come from

The $60 billion figure is mainly based on three assumptions:

• Venezuela sold a large amount of gold in 2018, converted into Bitcoin
• Some oil revenues are settled in Bitcoin or other cryptocurrencies
• The government confiscated or stole mining equipment for mining

The first assumption is the most critical. According to publicly available information, Venezuela indeed sold about $2.7 billion worth of gold in 2018. If all this money had been converted into Bitcoin at that time, it could have resulted in approximately 600,000 BTC, which aligns with the $60 billion figure (based on current Bitcoin prices).

Why is this claim unfounded

Key figures’ identities are suspicious

The key figure in the rumor is Alex Saab, the current Minister of Industry and National Production of Venezuela. Public information shows that Saab was detained by the U.S. from 2020 to 2023 and was released at the end of 2023 as part of a prisoner exchange agreement.

There is a logical problem here: if Saab truly controlled Bitcoin worth $10 to $20 billion (another version of the rumor), that amount would far exceed the official reserves disclosed by the Venezuelan central bank at around $9.9 billion. But no on-chain address has ever been reliably linked to Saab or the Venezuelan state.

Lack of on-chain evidence

This is the most fatal issue. Mainstream blockchain analysis firms like Whale Alert have been tracking large Bitcoin transfers for years. If such a holding of 600,000 BTC existed, it would be nearly impossible to avoid detection by these agencies. Yet, to date, there is no credible on-chain data supporting this claim.

The reality of systemic corruption

Even if the Venezuelan regime did acquire cryptocurrency revenues, an extremely corrupt system would hardly allow these funds to enter the national treasury.

A well-known example is the corruption scandal involving SUNACRIP (Venezuela’s national crypto regulator) exposed in 2023. Public reports indicate that between 2020 and 2023, officials embezzled about $17.6 billion through illegal oil transactions. What does this imply? Crypto asset proceeds are very likely to be similarly siphoned off by individuals rather than entering state accounts.

Infrastructure constraints

As for the claim that “confiscated mining equipment is used for large-scale mining,” this is even less realistic. Venezuela has long faced issues such as:

• Severe power shortages
• Aging infrastructure
• Massive brain drain of technical personnel
• The state’s core assets, like oil company PDVSA, are difficult to operate effectively

Under these conditions, the country simply does not have the capacity to run large-scale Bitcoin mining operations reliably.

What is the real situation

Mauricio Di Bartolomeo’s perspective is worth noting. He admits that Venezuela has indeed received cryptocurrency in some oil transactions and that the government has confiscated mining equipment. But he emphasizes: Venezuela does have Bitcoin, but they are not in the hands of the regime.

What does this mean? Most of Venezuela’s cryptocurrency activity is more grassroots. According to relevant information, due to hyperinflation, Venezuela ranks among the top 20 countries in global cryptocurrency adoption in 2025. This is ordinary people taking action to combat a 3000% inflation rate, not secret holdings by the government.

Why is this topic so popular

The reason this topic has sparked widespread discussion is mainly due to recent geopolitical events involving Venezuela. The U.S. taking action against President Maduro has led markets to speculate about various “possibilities.” Bitcoin’s price has also rebounded accordingly. But popularity does not equal truth.

Summary

The claim that Venezuela holds $60 billion worth of Bitcoin sounds enticing, but its problems are obvious: no on-chain evidence, key assumptions are unsubstantiated, and systemic realities make it unlikely. This rumor is more based on speculation and secondhand information than facts. In the cryptocurrency industry, on-chain data is the most difficult evidence to fake. When such evidence is missing, any claims about scale are just stories.

In contrast, the fact that Venezuelans are adopting cryptocurrency due to hyperinflation is real. This story may not be as sensational, but it is more authentic and meaningful.