Venezuela has hidden ₹54 trillion in bitcoins! Will the crypto market crash?

Venezuela Hiding Bitcoin: Venezuela not only has crude oil reserves, but it may also have a large amount of Bitcoin. According to experts, their value could be as much as $60 billion.

The US has attacked Venezuela and arrested President Nicolas Maduro and his wife. The world's attention is now focused on Venezuela and its vast oil reserves (303 billion barrels). Many experts believe that the Maduro government may also possess significant amounts of Bitcoin. According to experts, the Maduro government has hidden Bitcoin worth $60 billion (approximately Rs 5.40 lakh crore). According to CNBC, experts say that if these Bitcoins are sold or seized, it could impact global financial markets.

Gui Gomes, founder and CEO of Latin America-based Bitcoin firm OranjeBTC, said, "It's quite reasonable to believe that Venezuela has a significant stake in Bitcoin. Since Venezuela was excluded from the global financial system, they probably had gold, Bitcoin, and some dollars." Some experts believe that Venezuela possesses Bitcoin worth $60 billion, while others suggest that the amount could be higher or lower.

Why is Venezuela likely to have Bitcoin?

Years of US sanctions have severely hindered Venezuela's access to international financial markets. Experts say the Maduro government may have sought to use cryptocurrency to circumvent these challenges.

Because Bitcoin is based on blockchain technology , it makes it nearly impossible to track. Therefore, it is difficult to determine how much Bitcoin Venezuela holds or where it is stored. Speculation intensified when digital publication Project Brazen claimed that Venezuela may hold $60 billion worth of Bitcoin, citing unnamed sources. However, this figure has not been confirmed by blockchain experts.

Where could these bitcoins be?

According to Gomes, whatever bitcoins Venezuela holds are likely held in thousands of wallets. These wallets are controlled by military officials and political insiders, making them extremely difficult to track.

Venezuela has a long history with cryptocurrencies. In 2018, it launched its own state-owned token called the petro, which ultimately failed and was discontinued in 2024. Authorities also cracked down on bitcoin mining, arresting miners, seizing assets, and then banning the practice altogether.

What will happen to Bitcoin?

It's unclear what will happen to Venezuela's Bitcoin holdings. Experts say US authorities could seize Bitcoin belonging to Venezuelan officials. In such a case, those Bitcoins could go directly to the Treasury. Experts also say that some of Venezuela's Bitcoin cryptocurrency could be placed on exchanges or sold. If this Bitcoin is sold, it could cause Bitcoin prices to fall.

PC:NBT