How Venezuela May Have Built a “Shadow” Bitcoin Reserve

[AIcash]

Sources cited by on-chain analysts claim Venezuela’s Bitcoin accumulation began as early as 2018, using gold exports, oil settlements, and mining seizures to bypass sanctions. Between 2018 and 2020, proceeds from gold extracted in the Orinoco Mining Arc were allegedly converted into Bitcoin at prices near $5,000 per BTC, forming the foundation of a covert reserve now worth tens of billions.

After the collapse of the Petro token, the Maduro government reportedly pushed PDVSA to settle oil exports in Tether (USDT), later converting those funds into Bitcoin to avoid asset freezes. Combined with confiscated domestic mining operations, analysts estimate total holdings may exceed 600,000 BTC—an unprecedented accumulation by a sanctioned state.

[kevin1]

3% of circulating supply in one govt’s hands is kinda terrifying from a liquidity pov