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
BTC Short-term Decline of 0.92%: Large On-chain Capital Inflows to Exchanges Trigger Selling Pressure Resonance
Between 2026-03-16 14:15 and 14:30 (UTC), BTC experienced a short-term decline with a return rate of -0.92%, with price fluctuations ranging between 73612.7 and 74379.5 USDT, reaching an amplitude of 1.03%. Trading activity during this period notably increased, market attention rose, volatility intensified, attracting short-term sensitive capital to enter rapidly.
The main driver of this volatility was frequent large on-chain BTC transfers flowing into mainstream exchanges. Specifically, two large transfers of ≥1,000 BTC each occurred at 14:17 and 14:24 respectively.
GateNews6m ago
Bitcoin Miner HIVE Gradually Halts Swedish Mining Operations While Expanding Canadian AI Data Center
Bitcoin mining company HIVE is gradually reducing its mining operations in Sweden due to tax disputes and operational uncertainty. Simultaneously, through BUZZ company, it is expanding its liquid-cooled AI data center capacity in Canada by four times. Despite gaining legal support, Swedish authorities are still requiring it to pay disputed tax deposits.
GateNews8m ago
Base leading on-chain spot BTC trading with 43% market share
As of March 8, 2026, on-chain weekly spot BTC trading volume exceeded $3 billion, with 97% of trading volume concentrated on six chains. Base leads with 43% market share, while others such as Ethereum and Arbitrum also account for significant proportions.
GateNews16m ago
Institutions Take Over 14% of Bitcoin Supply! Bernstein Praises MicroStrategy as the "Bitcoin Reserve Bank of Last Resort," BTC's Capital Foundation Has Transformed
Wall Street's Bernstein report views MicroStrategy as the "last Bitcoin central bank," noting that its coin hoarding and innovative financing structures have significantly reshaped the Bitcoin market, reducing reliance on retail investors. Institutions now hold 14% of Bitcoin supply, enhancing the capital base and market resilience. Additionally, MicroStrategy has further strengthened its Bitcoin buying power through financing products designed to attract yield-focused investors.
動區BlockTempo33m ago
Bitcoin Whales Accumulate Again at $71K, Santiment
Bitcoin (CRYPTO: BTC) has hovered near the $71,000 level as large holders ramp up exposure, according to Santiment’s latest weekly assessment. The analysis highlights a renewed shift by wallets that hold 10 to 10,000 BTC, which Santiment described as a bullish signal if it endures. The share of the
CryptoBreaking48m ago
Bitcoin Veteran Buys $49 Million Worth of ETH as Experts Believe ETH Nears Breakout Price Levels
Bitcoin veteran buys $49 million worth of ETH.
Experts believe ETH is nearing major breakout prices.
ETH price could surge to $2,800 if it can hit $2,400.
The crypto community basks in high spirits as the price of Bitcoin (BTC) recovers targets over the $73,000 price range. At the
CryptoNewsLand1h ago
