Speculation about a secret Venezuelan bitcoin stash resurfaced after reports tied to the US capture of President Nicolas Maduro.

Investigative journalist Bradley Hope claimed Venezuela may have converted gold into bitcoin over several years, potentially building a reserve worth up to $60 billion.

Hope wrote that sources described a Swiss lawyer controlling wallet access and raised questions about the role of sanctioned Venezuelan official Alex Saab.

Where the 600,000 BTC claim comes from

The 600,000 BTC figure is not based on onchain evidence.

Instead, it is described as a mathematical estimate linked to Venezuela’s gold sales since 2018, including a reported 73-tonne sale that year.

Trackers cited in the report suggest Venezuela has accumulated about 240 BTC since 2022, but that figure is also disputed.

Whale Alert co-founder Frank Weert told Cointelegraph:

“If they actually possessed 600,000 Bitcoin, then they managed to fool a lot of blockchain analysts.”

Analysts say proof is still missing

Weert also cautioned that the 240 BTC figure is not always backed by verifiable transactions.

Major blockchain intelligence firms have not presented evidence of large, undeclared Venezuelan bitcoin holdings.

Venezuela’s long history with digital assets

TRM Labs’ Ari Redbord said the Maduro government has experimented with digital assets for years, including launching the oil-backed Petro in 2018.

Redbord said state entities were directed to use digital-asset payment mechanisms for oil-related and cross-border transactions.

TRM Labs also reported Venezuela ranked 11th among the top 20 countries for digital-asset adoption in 2025.

Nansen research head Aurelie Barthere said attribution is difficult due to fragmented wallets and offshore over-the-counter brokers.