Venezuela's $60 billion Bitcoin truly exists? SEC Chair responds with a statement

SEC Chair Paul Atkins has expressed reservations about the rumored 600,000 Bitcoins held by Venezuela, and no definitive evidence has been found on the blockchain to support this claim.
(Background: The double-edged sword of stablecoins: USDT becomes a lifeline in Venezuela and Iran, but also a tool for sanctions evasion)
(Additional context: Polymarket refuses to pay out the prize for the “U.S. invasion of Venezuela” bet)

After Venezuelan President Maduro was unexpectedly detained by U.S. authorities, rumors circulated that “Venezuela secretly holds 600,000 Bitcoins, worth nearly $60 billion,” but this has not been confirmed.

Recently, during an exclusive interview with Fox Business, new SEC Chair Paul Atkins was asked whether the U.S. would seize this asset. He cautiously deferred the decision to the executive branch but did not deny the possibility that the asset exists.

SEC maintains a reserved stance, decision deferred to the White House

Atkins stated that discussions about confiscation are “still premature.” He emphasized that the SEC’s primary responsibility is overseeing the securities markets, and if confiscation measures are to be taken, they would be led by the Treasury Department or the State Department. During the program, he said:

I am leaving this matter to other agencies; it is not my concern.

Data Doubts: 240 Officially Held Bitcoins vs. Rumored 600,000

According to public records from BitcoinTreasuries.net, the official Venezuelan address holds only about 240 Bitcoins, with a market value of approximately $22 million. Compared to the rumored 600,000, the difference is nearly 2,500 times.

Sources of the rumors suggest that Maduro’s regime accumulated Bitcoins early on through gold and oil export proceeds from the Orinoco mining region; however, blockchain analysis platforms Nansen and Chainalysis have yet to identify any large addresses corresponding to these claims. Analyst Mauricio di Bartolomeo bluntly stated that given Venezuela’s long-standing corruption issues, “it is almost impossible to hold 3% of the global Bitcoin supply without it flowing out.”

But if the 600,000 Bitcoins do indeed exist, further U.S. sanctions or confiscation could impact Bitcoin liquidity and prices. Future developments to watch include whether U.S. authorities will propose specific tracking and seizure plans.