Analysts remain skeptical about whether Venezuela holds 600000 BTC According to BlockBeats, on January 6th, the recent actions taken by the United States against Venezuelan President Maduro have once again sparked discussions about whether Venezuela has "undisclosed Bitcoin reserves". Investigative journalist Bradley Hope claims that the Venezuelan government may convert gold into Bitcoin over the years, with a potential scale of up to 600000 BTC worth approximately $60 billion. However, multiple mainstream blockchain analysis institutions have not found any on chain evidence to support this claim. The 600000 BTC proposed by Hope is not based on on on chain data, but on mathematical calculations based on the scale of gold sales in Venezuela since 2018. Whale Alert co-founder Frank Weert said that if Venezuela really holds such a large amount of Bitcoin, it is almost impossible to completely avoid tracking by blockchain analysis agencies, and the relevant statement requires "very strong evidence". However, analysts point out that Venezuela has indeed been trying to use cryptocurrency for a long time. The country has launched the national digital currency Petro anchored in oil and used encrypted payments in energy and cross-border transactions. Affected by high local currency inflation, Venezuela ranks among the top 20 in the 2025 global cryptocurrency adoption rankings. At present, the official cryptocurrency holdings in Venezuela are still highly opaque. Several institutions, including Arkham, Chainalysis, and Elliptic, have not confirmed the existence of large-scale Bitcoin wallets directly associated with the government. Analysts believe that even if there are related assets, they may still be highly concealed through coin mixers, cross chain transactions, and offshore OTC channels.