Original Title: "Maduro Struck by the U.S., Where Will Venezuela's 'Legendary $60 Billion Bitcoin' Go?"
Original Author: Ye Huiwen, Wallstreetcn
As Venezuela's political situation dramatically flipped within hours, global attention swiftly shifted from geopolitical tremors to an unprecedented financial enigma: what fate awaits the vast cryptocurrency "shadow reserves" established to evade long-term sanctions.
According to CCTV News, in the early hours of January 3 local time, the U.S. launched a large-scale military operation against Venezuela, capturing President Maduro and his wife and taking them out of the country. U.S. President Trump later confirmed the operation at Mar-a-Lago, declaring that the U.S. would "manage" Venezuela until a safe transition is implemented, and revealed that major U.S. oil companies would enter the country, investing billions of dollars to restore infrastructure.
Beyond physical assets, a massive digital asset allegedly accumulated through "gold swaps" and oil trade remains a mystery. According to media outlets like Whale Hunting citing informed sources, Venezuela has established a complex shadow financial network to convert national resources, including gold and oil, into Bitcoin and Tether (USDT) to evade sanctions.
As the core circle of the Maduro government collapses, who holds the "private key" to unlock this digital wealth has become one of Washington's primary concerns.
Some investigative sources estimate this figure could be as high as $60 billion. This vast sum is believed to have been accumulated over the years through complex channels such as gold swaps and oil trade. With the regime change, the key figures holding the "private key" to this wealth have become the focus, particularly Alex Saab, who is identified as the "architect" of this system. The fate of this asset has escalated from a financial technology issue to a complex game involving intelligence, law, and geopolitics.
Digital Assets of the Shadow Financial Empire
According to Whale Hunting citing HUMINT (human intelligence) sources, the Venezuelan government may control Bitcoin worth up to $60 billion. Although this data has not been fully verified through blockchain analysis, the underlying logic of the estimates has drawn attention from the financial intelligence community.
Reports indicate that the accumulation of these funds began in 2018. At that time, Venezuela exported 73.2 tons of gold, valued at approximately $2.7 billion. Informed sources revealed to the media that if a portion of these funds was converted to Bitcoin when prices were low, between $3,000 and $10,000, and held until the peak of $69,000 in 2021, the appreciation would be astonishing.
If this estimate is accurate, the scale of this asset would rival that of MicroStrategy's holdings and even exceed El Salvador's national reserves.
In addition to Bitcoin, stablecoins have also played a significant role in the flow of funds in the country. According to Zerohedge, as sanctions tightened, the Venezuelan state oil company (PDVSA) began requiring intermediaries to settle oil shipments in Tether (USDT). By December 2025, it is reported that about 80% of the country's oil revenue will be received in USDT. Although Tether has frozen some associated wallets, this may only be the tip of the iceberg.
Gold Swaps and Crypto Channels
To achieve the covert transfer of assets, relevant parties have built a complex channel spanning Turkey, the UAE, and other locations.
According to sources familiar with the operation, this process typically begins with gold mining and export in Venezuela. The gold is transported to Turkey and the UAE for refining and sale, with the proceeds not being directly remitted but converted into cryptocurrency through over-the-counter (OTC) brokers. Subsequently, these funds are processed through "mixers" to obscure their origin, ultimately deposited into cold wallets.
In this process, specific individuals play key roles. The media mentions a person named David Nicolas Rubio Gonzalez, who is said to act as a messenger responsible for coordinating the physical transport of gold. Although he was placed on the U.S. Treasury's sanctions list as early as 2019, he has not faced criminal charges, raising speculation about whether he has reached some form of cooperation with U.S. authorities. Informed sources believe that intermediaries who have detailed knowledge of the flow of funds may know the ultimate destination of this vast wealth.
The Role of Key Figure Alex Saab
In this financial structure, Alex Saab is widely regarded as a central figure. According to Bloomberg, Alex Saab was appointed by Maduro as the head of the Venezuelan International Investment Center in January 2024. From Washington's perspective, he is seen as the "architect" of this shadow financial system.
Previously disclosed court documents show that Alex Saab has a complex relationship with U.S. law enforcement, having provided information as an informant for the DEA since 2016. With Maduro's arrest, Alex Saab has once again become the focus of attention. Former Venezuelan prosecutor Zair Mundaray stated in a media interview that Saab gained trust due to his lack of ties to traditional political factions, effectively acting as a "guarantor" of the assets.
The current suspense lies in the possibility that the control of these cold wallet private keys may not rest with a single individual. Sources reveal that there may be a multi-signature mechanism designed by Swiss lawyers, distributing the keys among several trusted individuals across different jurisdictions to ensure asset security. With the physical isolation of the regime's core, it remains uncertain whether these crypto assets will be permanently sealed like many "sleeping" Bitcoin whale addresses or if they will be recovered by the U.S. through legal and intelligence means.
Market Reactions to Crude Oil and Gold
Returning to traditional financial markets, investors are assessing the economic impact of the U.S. "takeover" of Venezuela.
Phil Flynn, a senior market analyst at Price Futures Group, pointed out that although Venezuela has an astonishing oil reserve of 303 billion barrels, its actual daily production has shrunk to about 1 million barrels, accounting for only 0.8% of global output. Therefore, even if there is a short-term supply disruption, its direct impact on global oil prices is quite limited. Flynn believes that the market's reaction is more psychological, and Venezuela's share of oil can easily be filled by other producing countries.
In terms of gold, Venezuela's gold production in 2024 is expected to be around 31 tons, which is not significant on a global scale. Analysts believe that in the short term, the dust settling from military actions may limit the safe-haven price increase of gold; however, if subsequent U.S. military involvement in the region triggers a broader geopolitical game, it may provide mid-term support for gold prices.
Trump has made it clear that he will allow major U.S. oil companies to invest billions of dollars to restore Venezuela's dilapidated infrastructure. This means that future market trading logic will shift from concerns about "supply disruptions" to expectations regarding the speed of Venezuela's production recovery and the return of U.S. energy giants to the country's market.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
