Venezuela could be sitting on a big Bitcoin stash, experts say. Here's what could happen next
CNBC••business
Key Points:
- Following the deposition of President Nicolás Maduro, Venezuela is believed to hold significant bitcoin reserves, potentially worth billions, as a workaround to sanctions restricting access to global financial markets.
- Estimates of Venezuela's bitcoin holdings vary widely, from about $22 million to an unconfirmed $60 billion, with the assets likely dispersed across numerous wallets controlled by Maduro's allies, complicating tracking and identification.
- Venezuela has a history of using unconventional methods to convert wealth, including cryptocurrencies, and previously issued the failed petro token, indicating ongoing experimentation with digital assets beyond bitcoin.
- The potential sale, seizure, or confiscation of Venezuela's bitcoin by the U.S. or other entities could impact global cryptocurrency markets, possibly leading to price fluctuations or the creation of
