Venezuela’s Bitcoin holdings are back in the spotlight, with the significant discrepancy between official data and analyst estimates drawing attention.
According to data shared by Bitcoin Treasuries, Venezuela has held 240 Bitcoins since December 31, 2022. At current prices, this amount is worth approximately $22.3 million. While this figure appears limited in official records, some experts argue that the country’s actual Bitcoin reserves may be much higher.
The Venezuelan government banned Bitcoin mining in the country in May 2024, citing energy demand and instability in electricity supply.
In September of the same year, opposition leader María Corina Machado proposed that Bitcoin be included among the national reserve assets. On the other hand, the state-backed digital currency Petro (Petrol Coin) was completely withdrawn from circulation as of January 2024.
However, according to some analysts, Venezuela’s actual Bitcoin holdings far exceed official statements. Allegedly, since 2018, the country has gradually converted its assets into Bitcoin through gold swaps and oil sales using USDT.
It is suggested that approximately 600 BTC may have been accumulated during this process, with a total value between $56 and $67 billion. Some sources claim that in 2018, around $2 billion worth of gold was used to buy BTC when the average price was around $5,000.
*This is not investment advice.
