BlockBeats News, January 8 — Recent market rumors suggest that the Venezuelan government may secretly hold Bitcoin worth up to $60 billion. However, Mauricio Di Bartolomeo, co-founder of Ledn who has lived in Venezuela and has been engaged in Bitcoin mining for a long time, stated that these claims are more based on speculation and second-hand information, lacking credible on-chain evidence. The three main sources of the related rumors are:
- A large-scale gold sale in Venezuela in 2018, exchanged for Bitcoin;
- Some oil revenues settled in Bitcoin or other cryptocurrencies;
- The government confiscated or stole mining equipment for mining.
Mauricio admits that Venezuela did indeed receive cryptocurrency in some oil transactions and that there have been cases of the government confiscating mining equipment. However, he emphasizes that there is no credible evidence indicating that the approximately $2.7 billion worth of gold sold in 2018 was converted into Bitcoin. The key figure involved in that transaction, current Minister of Industry and National Production Alex Saab, was detained by the U.S. from 2020 to 2023 and was released at the end of 2023 as part of a prisoner exchange agreement.
If the rumors are true and the government controls Bitcoin valued at $10–20 billion, this would clearly contradict the official reserve size of about $9.9 billion disclosed by the Venezuelan central bank at that time. Moreover, no on-chain address has ever been reliably attributed to Saab or the Venezuelan state.
Furthermore, even if the Venezuelan regime did obtain cryptocurrency income, an extremely corrupt system would make it almost impossible for these funds to enter the national treasury. Mauricio cites the SUNACRIP (National Cryptocurrency Regulatory Agency) corruption scandal exposed in 2023, pointing out that between 2020 and 2023, officials embezzled about $17.6 billion through illegal oil transactions, and crypto asset proceeds are likely similarly embezzled by individuals.
As for the claim of “large-scale mining using confiscated equipment,” Mauricio also dismisses it. He points out that Venezuela has long faced severe power shortages, aging infrastructure, and a large loss of technical personnel. The country struggles to effectively operate core assets like the state oil company PDVSA, let alone maintain stable large-scale Bitcoin mining operations. “Venezuela does have Bitcoin, but they are not in the hands of the regime.”
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Ledger Founder Kidnapping Suspect Arrested in Bitcoin Extortion Case
Police arrest a suspect linked to the kidnapping case of David Balland, co-founder of Ledger. The criminal group committed violence against him and his partner to extort bitcoin. International cooperation has intensified efforts to combat violent crimes targeting cryptocurrency, reminding holders to enhance security awareness.
GateNews5m ago
Bitcoin Market Sentiment Turns Defensive as $685 Million Put Bets Surge
Recent changes have emerged in the Bitcoin derivatives market, with traders investing approximately $685 million in put options over the past 30 days, reflecting cautious market sentiment. This shift demonstrates that investors are transitioning from offensive strategies to risk management, particularly amid growing macroeconomic uncertainty. Rising demand for put options typically signals future price risks, as investors seek to balance between controlling drawdowns and locking in gains.
GateNews24m ago
Altcoin Market Bottom Signal? Only 5% Above 200-Day Moving Average, Trading Volume Plummets 80%
The altcoin market is currently experiencing a severe correction, with approximately 95% of altcoins trading below their 200-day moving average. Trading volume has declined to approximately $7.7 billion, with continuous outflows of liquidity. Investors are showing a preference for highly liquid assets like Bitcoin, leading to diminished capital absorption capacity in the altcoin sector. Historical data indicates that such concentration typically appears at market bottoms, with capital potentially rotating toward altcoins in the future. The current market shows low activity and low valuations, with future trends likely to be influenced by macroeconomic liquidity conditions.
GateNews27m ago
H100 eyes Europe’s largest bitcoin treasury with 3,500 BTC in proposed acquistions
H100 Group plans to acquire Norwegian firms Moonshot AS and Never Say Die AS to triple its bitcoin holdings to around 3,500 BTC. This all-share deal aims to enhance H100’s institutional presence and liquidity while minimizing dilution for existing shareholders.
CoinDesk28m ago
Bitcoin and Gold Correlation Drops to Three-Year Low, Are Bottom Signals Emerging?
Bitcoin's correlation with gold has significantly declined, hitting its lowest level since 2022, which the market views as a potential cycle turning signal. Analysis suggests that Bitcoin may have entered a bottom-building phase, and whale addresses holding Bitcoin have increased, indicating that large capital is still positioning. Meanwhile, gold has formed a bearish structure, which may drive capital flows toward digital assets. In the short term, Bitcoin's movement is affected by macroeconomic data, but the overall structure demonstrates enhanced resilience.
GateNews29m ago
Mt. Gox After Four Months of Silence Moves Again, Small Bitcoin Transfer Sparks Speculation of Tens of Billions in Selling Pressure
On March 24, cryptocurrency platform Mt. Gox transferred a Bitcoin transaction valued at approximately $500, and although the amount was modest, it drew market attention. Mt. Gox currently still holds $2 billion in Bitcoin assets, with the transaction being interpreted as a potential repayment signal. The market is highly sensitive to its movements, which may impact investor expectations and market volatility. Analysts believe that every move by Mt. Gox carries significant market implications, and subsequent transfer activities will influence changes in Bitcoin's supply-side dynamics.
GateNews34m ago
