Venezuela has reportedly built large “shadow reserves” of Bitcoin and USDT worth more than $60 billion since 2018, according to analysts tracking on-chain activity and commodity-linked transactions. The holdings are said to originate from gold swaps and oil settlement mechanisms used to bypass financial sanctions and restricted access to global banking systems.
Estimates suggest the country may control between 600,000 and 660,000 BTC, which would place Venezuela among the world’s largest Bitcoin holders, potentially ranking fourth globally. At current market prices, such reserves would be broadly comparable in size to the Bitcoin exposure held by major institutional players.
Analysts note that if confirmed, Venezuela’s crypto strategy would represent one of the most significant uses of digital assets by a sovereign state, highlighting crypto’s growing role in geopolitics and alternative reserve management.
