Recent U.S. actions against Venezuelan President Nicolás Maduro have reignited debates over Venezuela's purported Bitcoin reserves. Investigative journalist Bradley Hope suggested that Venezuela might have converted gold into Bitcoin, potentially amassing up to 600,000 BTC, valued at around $60 billion. However, major blockchain analytics firms have found no on-chain evidence to support this claim. Hope's estimate is based on mathematical calculations from Venezuela's gold sales since 2018, not on-chain data. Frank Weert of Whale Alert emphasized the need for "very strong evidence" to substantiate such claims, noting the difficulty of hiding such a large Bitcoin holding from blockchain analysis. Despite these doubts, Venezuela has been active in cryptocurrency adoption, launching the Petro and using crypto for energy and cross-border transactions. Yet, the extent of its official crypto holdings remains unclear, with no confirmation from firms like Arkham, Chainalysis, and Elliptic.