Venezuela's Alleged Bitcoin Stash: A Dubious Claim

Speculation about Venezuela's supposed secret bitcoin stash, valued at $60 billion, appears to be unfounded. As someone who has mined bitcoin in the country, I am skeptical of the regime's ability to accumulate such a vast amount of cryptocurrency. The claims are based on unverified reports and lack concrete evidence linking the funds to state-controlled wallets. Let's examine the alleged sources of the regime's bitcoin stash: a large gold sale in 2018, oil revenue priced in bitcoin, and stolen or seized mining equipment. While it is true that Venezuela has received payment for some oil sales in cryptocurrency, and I have personal experience with the regime's seizure of mining equipment, there is no credible evidence to support the claim that the 2018 gold sale was converted into bitcoin. The individual behind the alleged operation, Alex Saab, was in US custody from 2020 to 2023, which would have limited his ability to direct complex financial transactions. Furthermore, the Venezuelan Central Bank's listed reserves at the time of his release did not include any publicly disclosed bitcoin holdings. The regimes of Hugo Chavez and Nicolas Maduro have a long history of extreme corruption, which would have prevented any significant value from accruing to the treasury. The supposed crypto regulator, SUNACRIP, has been involved in corruption scandals, including the embezzlement of billions of dollars. The regime's track record of mismanaging complex operations, including the state-owned oil company PDVSA, and the country's chronic energy shortages, make it unlikely that they could operate large-scale mining operations effectively. In conclusion, while I believe there is bitcoin in Venezuela, it is unlikely to be in the hands of the regime.