DeutschCould the U.S. confiscate a previously unknown Bitcoin reserve of the Venezuelan state, reaching a value of 60 billion US dollars? According to alleged insider statements, it is operated by a former U.S. informant who was recently employed as a minister in Venezuela.
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Could the U.S. Confiscate Billions in Venezuelan Bitcoin?
Could the U.S. confiscate billions of dollars worth of Venezuelan Bitcoin? This possibility was recently raised by the US broadcaster Fox Business in a conversation with SEC chief Paul Atkins.
“According to new reports, Venezuela is sitting on a Bitcoin collection worth 60 billion US dollars. (…) What happens to them? Do we take them away from them?” Fox asked the SEC Chairman.
However, Atkins did not want to answer the question. Instead, he shifted the focus to the parliamentary work surrounding the crypto law CLARITY, whose future remains unclear.
“I leave that to other parts of the government. I’m focusing on something else. This week is important as the Senate is working on a bill [CLARITY]. (…) That will set the tone for the rest of the year,” Atkins explained.
The question from Fox Business stems from the US intervention in Venezuela earlier this month. US forces attacked the Venezuelan government district of Miraflores and captured President Nicolás Maduro in one fell swoop, who was shortly afterwards transported to the USA as a prisoner.
Does Venezuela hold billions in Bitcoin?
According to the media company Project Brazen, the Venezuelan state apparatus holds billions in Bitcoin. At the beginning of January, the collection was said to have reached a total value of 60 billion US dollars.
The public has not been aware of Venezuela’s alleged Bitcoin investments until now. Project Brazen refers to insider statements in its report. Accordingly, they have a contact to the government of the South American state who can confirm the existence of the portfolio first-hand.
Venezuela is known for its rich mineral resources. This is precisely why the country is playing an increasing role on the political playing field. The Venezuelan state has converted parts of the income from the commodity business into Bitcoin over the years, an insider revealed to Project Brazen.
In particular, the income from the alleged gold trade that Venezuela undertook with partners from Turkey and the United Arab Emirates flowed into the secret reserve.
The reason for the possible Bitcoin investments: The cryptocurrency is difficult to track and even more difficult to confiscate. Knowing this, Venezuela has deliberately kept the Bitcoin reserve secret.
Only a small circle within the Venezuelan government has the access keys to the digital assets. At the center of this is Alex Saab, an entrepreneur and former minister of Venezuela. He came up with the Bitcoin concept.
Saab, who was temporarily imprisoned in the USA for money laundering, worked as an informant for US authorities for a while. If this connection still exists, Saab could possibly pass the Bitcoin assets on to the US American state, Project Brazen suggests.
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