The potential existence of a hidden Bitcoin reserve in Venezuela has sparked significant speculation, with estimates suggesting a value of up to $60 billion. Investigative journalist Bradley Hope has proposed that the Venezuelan government may have converted gold into cryptocurrency over several years, possibly accumulating 600,000 BTC.
This theory has raised questions regarding the involvement of Alex Saab, Venezuela’s sanctioned minister of industry and national production, who is said to control access to the suspected wallet. However, major blockchain intelligence platforms have not verified these claims, and analysts remain skeptical about the reported figures.
According to trackers, Venezuela has reportedly acquired only 240 BTC, amounting to approximately $22.2 million since 2022. The larger figure of 600,000 BTC is derived from a mathematical estimation linked to the country’s gold sales, including a notable 73-ton sale in 2018, which constituted about 40% of its gold reserves.
Experts emphasize the need for substantial evidence to substantiate such claims, with one co-founder of Whale Alert stating that without proof, the allegations may mislead analysts within the blockchain community.