Venezuela's Alleged Bitcoin Holdings Questioned Amid Speculation

According to BlockBeats, recent rumors suggest that the Venezuelan government may secretly hold up to $60 billion worth of Bitcoin. However, Mauricio Di Bartolomeo, co-founder of Ledn and a long-time Bitcoin miner in Venezuela, argues that these claims are largely speculative and based on second-hand information, lacking credible on-chain evidence. The rumors stem from three main sources: a large-scale gold sale in 2018 allegedly converted to Bitcoin, partial oil revenue settlements in Bitcoin or other cryptocurrencies, and government confiscation or theft of mining equipment for Bitcoin mining. Mauricio acknowledges that Venezuela has indeed received cryptocurrency in some oil transactions and that the government has confiscated mining equipment. However, he emphasizes that there is no credible evidence to support the claim that approximately $2.7 billion worth of gold sold in 2018 was converted into Bitcoin. The key figure in this transaction, Alex Saab, who is currently serving as the Minister of Industry and National Production, was detained by the U.S. from 2020 to 2023 and released in a prisoner exchange at the end of 2023. If Saab truly controlled $10–20 billion worth of Bitcoin as rumored, it would starkly contrast with the Venezuelan Central Bank's disclosed official reserve of about $9.9 billion, and no on-chain address has been reliably attributed to Saab or the Venezuelan state. Moreover, even if the Venezuelan regime had acquired cryptocurrency revenue, the extremely corrupt system would likely prevent these funds from entering the national treasury. Mauricio cites the 2023 SUNACRIP corruption scandal, where officials embezzled approximately $17.6 billion through illegal oil transactions between 2020 and 2023, suggesting that cryptocurrency proceeds were likely similarly misappropriated. Regarding the claim of large-scale mining using confiscated equipment, Mauricio also dismisses this notion. He points out Venezuela's long-standing issues with severe power shortages, aging infrastructure, and a significant loss of technical personnel, which hinder the effective operation of core assets like the state oil company PDVSA, let alone the stable operation of large-scale Bitcoin mining farms. "Bitcoin does exist in Venezuela, but it is not in the hands of the regime," he concludes.