Don’t hold your breath for Venezuela’s bitcoin
A Venezuelan co-founder argues the regime likely does not hold a rumored $60 billion in Bitcoin due to corruption and incompetence.Summary
Mauricio Di Bartolomeo, co-founder of Ledn and a Venezuelan native, disputes claims that the Venezuelan regime possesses a secret $60 billion Bitcoin stash. He contends that allegations stemming from a 2018 gold sale conversion, oil revenue in crypto, or stolen mining equipment lack credible evidence.
Di Bartolomeo finds the gold sale conversion unlikely, especially since alleged mastermind Alex Saab was in U.S. custody during a key period, and no large on-chain wallets link to the state. Furthermore, he argues that Venezuela's extreme corruption, evidenced by massive embezzlement scandals within PDVSA, means any significant crypto profits would have been siphoned off by corrupt officials rather than accumulating in state reserves.
Finally, the regime's documented mismanagement, including the collapse of PDVSA's production and chronic national energy shortages, makes it highly improbable they could effectively operate and maintain large-scale, complex mining operations, even with stolen equipment.
(Source：CoinDesk)