The recent capture of Venezuelan President Nicolás Maduro has reignited discussions about potential undisclosed Bitcoin reserves in the country. Analysts remain skeptical, as there is no concrete evidence to support the claims of a hidden Bitcoin stash worth approximately $60 billion.

An investigative journalist, Bradley Hope, recently put forward a theory suggesting that Venezuela might be converting gold into Bitcoin over the years. He mentioned a Swiss attorney with access to the wallet as a key figure in this speculated reserve. This theory also raises questions about Alex Saab, the Venezuelan Minister of Industry, who faces US sanctions.

Although this theory has attracted media attention, blockchain analysts have yet to uncover any definitive evidence of these alleged undeclared Bitcoin holdings.

Speculation on the 600,000 BTC Figure

The talk of Venezuela holding 600,000 BTC has gained traction, especially when comparing it to data from tracking services like BitcoinTreasuries.net, which states the country has acquired merely 240 BTC (worth about $22.2 million) since 2022. The figure of 600,000 BTC is derived mathematically from the country’s gold sales since 2018, including a notable sale of 73 tons that year, which represents about 40% of Venezuela’s total gold reserves. Frank Weert, co-founder of Whale Alert, commented, “If they truly had 600,000 Bitcoin, they have successfully misled numerous blockchain analysts, and serious proof is needed for such claims.”

Early Cryptocurrency Adoption by Venezuela

Venezuela has been an early adopter of crypto, establishing its oil-backed national cryptocurrency, Petro, in 2018 under Maduro’s administration. As inflation escalated, the country ranks 11th in a recent report on cryptocurrency adoption in 2025, according to TRM Labs.

Despite its early engagement with cryptocurrencies, details surrounding Venezuela’s crypto holdings, including any potential Bitcoin reserve, remain murky and unverified. While analysts like Aurelie Barthere indicate the presence of wallet clusters associated with the Venezuelan state, the attribution remains complex due to various methods of obfuscating transactions.

As investigations continue, both Bradley Hope and the US Department of Justice were contacted for comments regarding the possible Bitcoin reserve, but no responses were given by the time of publication.