On Tuesday, President Donald Trump announced that 'temporary authorities' in Venezuela would transfer between 30 and 50 million barrels of oil to the United States, days after U.S. forces captured Nicolas Maduro in a military raid.
The announcement has sparked speculation about other Venezuelan assets that might be next, including rumored holdings of Bitcoin by the country.
Oil seizure sets the tone
Trump said on Truth Social that the oil would be 'sold at market price,' and the proceeds would be 'subject to my administration as President.' At a price close to $56 per barrel, the deal could be worth up to $2.8 billion.
The White House scheduled a meeting in the Oval Office on Friday with executives from Exxon, Chevron, and ConocoPhillips to discuss the Venezuelan oil sector, indicating that Washington's interest extends beyond a one-time oil transfer. Venezuela holds the world's largest proven oil reserves.
Trump ordered Energy Secretary Chris Wright to implement the plan 'immediately,' with oil to be transferred directly to U.S. ports via storage ships.
Growing speculation around Bitcoin
With physical assets now flowing to Washington, attention has turned to speculation about Venezuela's digital currency holdings. Some reports suggest Maduro's regime has accumulated a 'shadow reserve' of Bitcoin to circumvent international sanctions.
Estimates vary widely. According to Project Breeze, Venezuela may hold around $60 billion in Bitcoin based on unnamed sources, while bitcointreasuries.net estimates only 240 BTC, worth about $22 million.
None of the estimates have been verified through chain analysis. No public wallets have been identified, and no custodians have been named.
Experts say it's logical to assume Venezuela has sought exposure to Bitcoin due to being excluded from global financial markets. The country has a documented history of experimenting with digital currencies, including the failed Petro cryptocurrency launched in 2018.
Why Bitcoin is different
Unlike oil tankers that can be rerouted to U.S. ports, Bitcoin cannot be physically seized. Seizing digital assets requires either private keys or cooperation from custodians within U.S. jurisdiction.
It is unlikely that Venezuela has used American or allied custody services due to sanctions. The inner circle around Maduro likely distributed any holdings across numerous wallets, making them extremely difficult to trace.
The same characteristics that make Bitcoin hard to seize also make it extremely easy to transfer—provided one has the correct information. Unlike gold bars or oil barrels, which require physical logistics, anyone with the private keys can move Bitcoin anywhere in the world within minutes. If U.S. authorities were to extract the private keys from Maduro or his allies, they could seize billions in cryptocurrency instantly.
This creates a high-risk dynamic. Assets are either completely inaccessible or easily seized with minimal effort—there is no middle ground.
The implications of the strategic reserve
These speculations carry additional weight given Trump's executive order to establish a strategic Bitcoin reserve 'at no cost to taxpayers.' Critics question how the government could build such a reserve without conducting purchases.
Theoretically, this challenge could be addressed by seizing Venezuelan Bitcoin—if significant amounts exist—according to some views. However, prosecutors would need to directly link any assets to criminal charges brought before U.S. courts.
Some cryptocurrency market observers believe there are long-term bullish implications regardless of the outcome. The administration is likely to retain any Bitcoin it acquires rather than sell it, given its public commitment to building a strategic reserve.
Venezuelan oil is currently being sent to U.S. ports. As for Venezuelan Bitcoin, if it exists, it remains locked behind unknown keys—beyond reach even for the most aggressive law enforcement actions.
