Analysis: The claim that the Venezuelan government secretly holds a huge amount of Bitcoin lacks on-chain evidence.

Regarding recent market rumors that the Venezuelan government may secretly hold hundreds of billions of dollars worth of Bitcoin, some analysts point out that this claim is largely based on speculation and secondary information, and currently lacks credible on-chain evidence to directly link the funds to state-controlled wallets in Venezuela. The main concerns focus on three potential sources: Bitcoin converted from gold sales in 2018, oil revenue settled in Bitcoin or other cryptocurrencies, and Bitcoin mining equipment confiscated by the government. Analysts believe that while some Venezuelan oil transactions have been settled in crypto assets, and there have been instances of government-confiscated mining equipment, there is no reliable evidence that the proceeds from the 2018 gold sales were massively converted into Bitcoin. Furthermore, the analysis points out that Venezuela's long-standing systemic corruption makes it more likely that any cryptocurrency-related proceeds would be embezzled by individuals rather than entering the national reserve system. For example, cases involving the national oil company and regulatory agencies have shown that huge sums of money have been misappropriated over the years without being reflected in official reserve data. Regarding mining, the view is that aging power infrastructure, long-term power shortages, and the government's insufficient management capabilities in complex operations make it difficult to stably operate large-scale Bitcoin mining operations. In summary, there is currently insufficient evidence to support the claim that the Venezuelan government holds a large-scale "secret Bitcoin reserve," and such claims remain speculative. (CoinDesk)