Venezuela’s secret $60 billion Bitcoin empire from illicit gold and USDT swap rumors ignite after US “intervention”
A report suggests Venezuela may secretly hold up to 600,000 Bitcoin, acquired via gold sales and USDT swaps, potentially causing a supply shock if seized.Summary
A Whale Hunt report suggests the Venezuelan government, officially holding only 240 Bitcoin, may have secretly amassed a "shadow reserve" of up to 600,000 BTC, valued around $60 billion, during US sanctions. This accumulation allegedly involved swapping billions in gold reserves and using Tether (USDT) from oil trade payments, which were then converted to Bitcoin to avoid freezing. If confirmed, the potential seizure of this massive amount—nearly 3% of circulating supply—upon President Maduro's arrest presents a significant market dilemma. The most likely outcome is a "frozen float" where the assets are tied up in litigation with creditors for years, acting as a bullish supply shock. Alternative scenarios include a "strategic reserve pivot" by a future US administration or an unlikely "fire sale." This revelation introduces a new concept of hidden sovereign risk to Bitcoin investment models, suggesting other sanctioned nations may have similar undisclosed holdings.
(Source：CryptoSlate)