Speculation surrounds Venezuela’s on-chain assets, with claims that the regime secretly amassed over $60 billion in Bitcoin as a hidden ‘shadow reserve.’ Stablecoins, especially USDT, have become the de facto digital dollar in the economy, underpinning daily trades and oil revenue settlements. While these rumors persist, there is little direct on-chain evidence to confirm the size or location of such reserves.
USDT is the de facto digital dollar in Venezuela’s economy, underpinning many public and private settlements, including oil transactions. Local economists have estimated that around 80% of crude oil sales revenue is settled in stablecoins, particularly USDT, as the country navigates sanctions. Oil production has been reported to exceed 1 million barrels per day, generating annual revenue above $12 billion.
The Petro project, launched in 2018, failed to achieve broad adoption and was shut down in 2024. Mining had flourished under low electricity costs, but authorities banned it and confiscated equipment amid the crackdown. Some sources allege that PDVSA used USDT to dodge sanctions and that gold sales were converted into Bitcoin during the period.
Proponents of the shadow reserve narrative point to Serenity’s analysis, which estimates Maduro’s crypto holdings could reach $56-67 billion, with implied Bitcoin holdings surpassing 660,000 coins. Yet on-chain data cited by trackers shows only about 240 BTC confirmed since the end of 2022, casting doubt on the scale of any reserve. Historical accounts also describe gold-to-Bitcoin exchanges in the 2018-2020 window, including tens of tons of gold valued around $2.7 billion, later swapped for hundreds of thousands of BTC at roughly $5,000 per coin.
Regardless of the precise size, the use of crypto assets reinforces their role as a monetary lifeline and as a tool for evading financial blockades. The situation hints at a broader, quiet arms race among sanctioned economies as digital assets gain prominence in state policy.
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