Venezuela’s Bitcoin Holdings Rumors Lack Concrete Evidence
- Rumors suggest Venezuela owns $60 billion in Bitcoin.
- Skepticism arises due to lack of on-chain evidence.
- Only 240 BTC verified in official wallets.
An investigative report claims Venezuela holds $60 billion in Bitcoin, despite on-chain trackers indicating only 240 BTC, leading to skepticism about the country’s alleged crypto reserves.
The rumors could influence perceptions of Venezuela’s financial state and Bitcoin’s global market dynamics, yet lack concrete evidence, raising doubts and maintaining market stability.
Venezuela’s alleged $60 billion Bitcoin reserve, equivalent to 600,000 BTC, faces skepticism amid unverified claims.
The unfounded figure contrasts with verified data, revealing only 240 BTC in official government wallets.
Journalist Claims Venezuela Holds $60 Billion in Bitcoin
Rumors sparked by journalist Bradley Hope suggest Venezuela holds $60 billion in Bitcoin. However, the figure is based on gold conversion estimates lacking on-chain validation. President Nicolás Maduro has been associated with these claims during periods of asset accumulation. Venezuela reportedly acquired funds via gold sales, oil-for-USDT swaps, and mining seizures.
Experts Doubt Venezuela’s Bitcoin Accumulation Validity
Experts, including Frank Weert from Whale Alert, question the claim’s validity, noting a lack of detection by blockchain analysis firms. The claim remains unsubstantiated. The rumored accumulation stirred discussions among crypto communities, raising concerns over potential market effects if proven true. The 3.2% of mined BTC would impact total supply.
If Venezuela truly holds such a large amount of Bitcoin, it would be nearly impossible to completely avoid tracking by blockchain analysis firms. He said that the relevant claims require ‘very strong evidence.’
Frank Weert, Co-founder, Whale Alert, stated, Source
Venezuela’s Bitcoin Claims Lack Transparent Evidence
Unlike El Salvador’s transparent BTC purchases, Venezuela’s alleged holdings are not substantiated by blockchain data, contrasting historical trends in state-controlled reserves. Current data suggests a potential overestimation, as vast holdings require robust evidence. Historical patterns indicate anomalies would affect global market liquidity.
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