Following Maduro’s ouster, experts believe Venezuela may secretly hold large bitcoin reserves built up under sanctions, raising questions about seizures, sales and potential shocks to global cryptocurrency markets.
Although global attention has turned to Venezuela’s oil reserves after Maduro’s arrest, experts say the country may also possess another valuable asset that is far less obvious: Bitcoin.
It is believed that Venezuela possesses a large amount of this digital currency, whose value may reach billions of dollars, according to experts who spoke to CNBC, but the exact number is still largely uncertain, according to timesnownews.
“It is very reasonable to assume that Venezuela had significant investments in bitcoin,” said Guy Gomez, founder and CEO of Orange BTC, a Latin American-based bitcoin company. “Given its exclusion from the global financial system, it was likely holding gold, bitcoin and some dollars in its vaults.”
He adds: For years, US sanctions imposed severe restrictions on Venezuela’s access to international financial markets, and to circumvent these restrictions, experts believe that the Maduro regime has experimented with cryptocurrencies.
It is impossible to determine the size of Bitcoin
The decentralized and private nature of Bitcoin makes it almost impossible to determine how much a country may own or where these assets are stored.
Speculation increased after digital website Project Prison claimed, citing unnamed sources, that Venezuela may own up to $60 billion worth of Bitcoin, a figure that has not been confirmed by blockchain analysis.
Largest government Bitcoin holders
In contrast, Bitcointreasuries.net estimates Venezuela’s bitcoin holdings at just 240 bitcoins, worth roughly $22 million, based on third-party blockchain data.
However, this still ranks Venezuela among the world’s largest state holders of Bitcoin, though experts caution that all such estimates should be taken with caution.
According to Gomez, any bitcoin held by Venezuela is likely distributed among thousands of wallets controlled by military officials and influential political figures, making it extremely difficult to trace.
Long history with cryptocurrencies
Venezuela has a long history with cryptocurrencies. It launched the state-backed Petro in 2018, which ultimately failed and was shut down in 2024.
Authorities have also cracked down on Bitcoin mining, arresting miners and confiscating assets before banning the practice completely.
Fate unknown
“When there is a chaotic regime change, the assets of that country become unstable,” says Sebastian Pedro Villa, president and chief investment officer of Reserve One.
Pia added that US authorities may also confiscate bitcoins linked to sanctioned Venezuelan officials. “When they do that, these currencies could go directly to the US Treasury,” he said.
A potential Bitcoin stockpile in Venezuela could have ripple effects on global cryptocurrency markets.