#地缘政治与资本流动 Seeing Venezuela's $60 billion Bitcoin reserve event, my mind flashed back to several key geopolitical nodes over the past decade. Starting in 2018, the Maduro regime, under the squeeze of US sanctions, shifted from the failed experiment of a petro coin to USDT, and finally, realizing that stablecoins also have frozen address locks, decisively switched to Bitcoin—this logical chain actually reflects a deeper historical pattern: whenever national capital flows face restrictions from the Western financial system, crypto assets become a hedging tool.

Looking back around 2020, Iran, North Korea, and Russia all explored this path, but Venezuela's approach was the most systematic. From gold exchange, oil settlement, to mining collection, they accumulated over 600,000 Bitcoins—this figure, when viewed within the framework of the entire network circulation, is enough to cause a structural shock to the global market.

The issue is not about Maduro himself, but about the future ownership of this reserve. The probability that the US fully controls it is not as high as it appears, involving multiple variables such as underground channels, dispersed wallets, and third-party custody. The real turning point will occur during interrogations and international negotiations, which will determine the liquidity expectations and geopolitical premiums of Bitcoin in the coming years. This reminds me of the 2011 battle over Gaddafi's gold reserves—just this time, the battlefield has moved onto the chain.

History always repeats itself in different ways.