Did Venezuela under Nicolás Maduro build a multi-billion-dollar shadow Bitcoin reserve? What can be confirmed is this: according to data from Bitcoin Treasuries, Venezuela officially owns 240 BTC, worth approximately $22.33 million. However, unverified reports suggest the country may control much larger unofficial holdings. As many as 600,000 BTC are rumored to have been accumulated since 2018 through gold and oil deals — equivalent to roughly $55 billion, or 2.8% of Bitcoin’s total circulating supply.
According to these claims, $2 billion worth of gold was allegedly exchanged for around 400,000 BTC in 2018 alone. Additional holdings are said to have been acquired via oil sales settled in Tether (USDT), which were later converted into Bitcoin. The motivation, sources suggest, was to circumvent international sanctions and reduce exposure to frozen foreign assets.
These findings were reportedly uncovered by well-known crypto trader Serenity, though no official figures exist. The Maduro government is believed to have routed the transactions through a complex web of intermediaries and shell companies.
The Wilson Center reports that as early as 2018, Venezuela had sold more than 40% of its national gold reserves — about 73 metric tons. Investigations by Grey Dynamics, Reuters, and Argus Media document gold sales to firms in Turkey and the United Arab Emirates totaling approximately $2.7 billion.
During that period, Bitcoin traded in a range between $3,200 and $10,000, theoretically allowing the purchase of up to 400,000 BTC. The speculation is that instead of holding U.S. dollars or euros — vulnerable to seizure — the Venezuelan government turned to Bitcoin as a “sanction-resistant” store of value. An eight-year price appreciation cycle would mathematically support today’s reserve estimates, although no hard proof exists.
In recent months, global interest in Bitcoin as a reserve asset has grown significantly. The United States itself passed legislation last year formally recognizing Bitcoin as a reserve asset — further fueling speculation around sovereign BTC holdings worldwide.
