Venezuela Linked to Large Bitcoin Accumulation Since 2018

• Reports estimate Venezuela holds up to $67B in Bitcoin, ranking among the largest global holders.
• Gold swaps and oil settlements from 2018–2025 underpin Venezuela’s alleged Bitcoin buildup.
• Estimated holdings above 600,000 BTC place Venezuela near the top institutional holders.

Market attention has shifted toward Venezuela following intelligence-linked reports suggesting the country accumulated a large Bitcoin position over several years through non-traditional settlement mechanisms. Estimates place the total value of the holdings between $56 billion and $67 billion, positioning the stash among the largest known concentrations of Bitcoin globally.

According to reports, the accumulation began around 2018, coinciding with Venezuela’s liquidation of gold reserves from the Orinoco Mining Arc. The data indicates that proceeds from gold swaps, oil settlements, and mining-related seizures were converted into Bitcoin and Tether as part of efforts to bypass international sanctions.

Gold Swaps and Early Bitcoin Accumulation

Intelligence estimates suggest that approximately $2 billion in gold proceeds were converted into Bitcoin at an average price near $5,000, implying the acquisition of roughly 400,000 BTC during the 2018–2020 period. At Bitcoin prices around $90,000 in January 2026, that tranche alone would be valued at approximately $36 billion, based on the figures cited.

The same sources estimate that gold swaps conducted between 2018 and 2020 now represent $45 billion to $50 billion in value, forming the largest portion of the alleged holdings.

Following the failure of Venezuela’s state-backed Petro initiative, oil exports were reportedly settled in USDT between 2023 and 2025. Intelligence claims indicate that portions of those proceeds were later converted into Bitcoin. Oil-linked crypto activity is estimated to account for $10 billion to $15 billion of the total.

Comparative Holder Rankings

Based on the estimates provided, Venezuela’s implied Bitcoin position exceeds 600,000 BTC, placing it among the largest holders globally. Comparative figures referenced include Satoshi Nakamoto, with an estimated 1.1 million BTC, BlackRock, with 770,791.5 BTC through its iShares Bitcoin Trust, Strategy, with 672,497 BTC, and the U.S. government is reported to hold 325,293 BTC.

Bitcoin Market Data Context

At the time of writing, Bitcoin was trading at $92,370.52 over the past 24 hours, reflecting a 0.86% increase, with a total market capitalization of $1.84 trillion. The trading volume rose to $33.98 billion, marking a 41.37% increase.

Related: How Crypto Became an Everyday Tool in Venezuela