The recent news about the United States arresting Venezuelan president "Nicolás Maduro" has sparked a wave of speculation in crypto markets, reigniting discussions about a large, undisclosed stockpile of Bitcoin held by the Venezuelan government, despite the lack of conclusive evidence so far.
The "Shadow Reserve" hypothesis
Investigative journalist "Bradley Hope" revealed a theory suggesting that Caracas may have acquired up to 600,000 Bitcoin, equivalent to around $60 billion. According to his report published in "Whale Hunting," the Venezuelan government has been converting its gold reserves into cryptocurrencies for years to circumvent international sanctions.
Key points in this document:
Wallet management: Sources indicate the presence of a Swiss lawyer overseeing access to these digital wallets.
Associated names: "Alex Saba" (Venezuelan Minister of Production) is believed to have played a central role in these operations.
Analysts' skepticism: Despite the widespread news, blockchain tracking platforms confirm they have not detected any concrete (on-chain) evidence proving Venezuela owns this massive amount, with official records only showing 240 Bitcoins since 2022.
Where did the 600,000 number come from?
Experts believe this number is not a direct reading from digital wallets, but rather a mathematical estimate based on Venezuela's gold sales since 2018. If the government had already converted the proceeds from selling 73 tons of gold into Bitcoin at that time, the actual holdings could indeed reach this level.
"If they actually possess this amount, they've managed to fool all blockchain analysts around the world," commented Frank White, founder of Whale Alert.
Venezuela's history with "crypto"
Venezuela is among the first countries to officially adopt cryptocurrencies:
Petro currency: Maduro launched the oil-backed "Petro" in 2018, before the project was officially shut down.
Escape from inflation: Venezuela ranks 11th globally in crypto adoption for 2025, due to the ongoing collapse in the value of the "Bolívar".
Technical obfuscation: The government uses complex methods to hide the flow of funds, such as mixing tools (Mixers) and over-the-counter (OTC) intermediaries in parallel markets, making tracking official wallets nearly impossible.
Conclusion: While Maduro's "digital treasure" remains strong speculation, any future evidence of its existence could reshape the landscape of the cryptocurrency market, especially if the United States attempts to seize these assets as part of its legal actions against the regime
