Does Venezuela Hold $60 Billion Worth of Bitcoin? Could This Trigger a Crypto Market Crash?

Venezuela may be sitting not only on the world’s largest proven crude oil reserves but also on a massive hidden stockpile of Bitcoin, according to market experts. Estimates suggest that the Maduro government could be holding Bitcoin worth nearly $60 billion (around ₹5.4 lakh crore), raising concerns about potential turbulence in the global cryptocurrency market.

Following reports of a US operation in Venezuela and the arrest of President Nicolás Maduro and his wife, global attention has shifted to the country’s strategic assets. While Venezuela’s oil reserves of about 303 billion barrels are well documented, speculation is growing about its alleged crypto holdings.

According to CNBC, analysts warn that if such a large volume of Bitcoin were to be seized or sold, it could have a significant impact on global financial and crypto markets.

Why Experts Believe Venezuela Owns Bitcoin

Gui Gomes, Founder and CEO of Latin America–based Bitcoin firm OranjeBTC, said it is “quite plausible” that Venezuela holds a substantial amount of Bitcoin. He explained that years of international sanctions effectively cut the country off from the global financial system.

“In such a scenario, Venezuela likely relied on alternative stores of value such as gold, Bitcoin, and limited US dollars,” Gomes said.

Some experts estimate Venezuela’s Bitcoin holdings at around $60 billion, while others caution that the actual figure could be higher or lower. So far, there has been no independent blockchain-based confirmation of these claims.

Sanctions and the Turn to Crypto

Venezuela has faced strict US sanctions for years, severely restricting its access to international banking channels. Experts believe the Maduro government may have turned to cryptocurrencies as a way to bypass these restrictions.

Bitcoin operates on blockchain technology, which makes ownership difficult to trace without access to private keys. This has fueled speculation that Venezuela could be holding Bitcoin across numerous wallets, making detection extremely challenging.

Digital publication Project Brazen further intensified the debate after claiming—citing anonymous sources—that Venezuela may indeed control Bitcoin worth $60 billion. However, blockchain analysts have not been able to verify this figure.

Where Could the Bitcoin Be Stored?

According to Gomes, any Bitcoin held by Venezuela is likely distributed across thousands of wallets. These wallets may be controlled by military officials and political insiders, further complicating efforts to trace or recover the assets.

Venezuela’s relationship with cryptocurrency is not new. In 2018, the government launched its own state-backed digital token called Petro, which ultimately failed and was officially shut down in 2024. The government also cracked down on Bitcoin mining, arresting miners, seizing equipment, and eventually banning the practice altogether.

What Happens Next—and Will Bitcoin Crash?

The future of Venezuela’s alleged Bitcoin holdings remains uncertain. Market watchers believe US authorities could attempt to seize crypto assets linked to Venezuelan officials, potentially transferring them to the US Treasury.

If even a portion of these Bitcoins were to be sold on open exchanges, it could create selling pressure and lead to a sharp drop in Bitcoin prices. However, experts also note that such assets would likely be liquidated gradually to avoid destabilizing the market.

For now, the claims remain speculative—but if proven true, Venezuela’s hidden Bitcoin could become one of the most significant wildcards in the global crypto ecosystem.