Venezuela has been holding 240 BTC since 12/31/2022, valued at approximately $22.33 million USD. In May 2024, the government banned Bitcoin mining due to concerns over electricity load and energy stability. In September 2024, opposition leader María Corina Machado proposed adding Bitcoin to the national reserves. Meanwhile, the digital currency issued by the government, Petro, has ceased circulation since January 2024.
Analysts estimate that since 2018, Venezuela has transferred assets into Bitcoin through gold exchanges and oil payments using USDT, totaling around 600,000 BTC, worth $56–67 billion USD, comparable to the size of MicroStrategy or BlackRock. If the US Department of Justice freezes these assets, it could cause a supply shortage and short-term volatility, but quick liquidation is unlikely.
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