Unchained Podcast Summary

Episode Title

How Venezuela Shows Why Bitcoin, Crypto and Stablecoins Help Everyday People

Host: Laura Shin
Guests: Mauricio Di Bartolomeo (Co-founder & CSO, Ledn) and Jorge Jirasati (President, Economic Inclusion Group)
Release Date: January 13, 2026

Episode Overview

This episode dives into the real-world impacts of cryptocurrencies─especially Bitcoin and stablecoins─in Venezuela, a country long beset by hyperinflation, government control, and economic collapse. Host Laura Shin speaks with two Venezuelan experts, Mauricio Di Bartolomeo and Jorge Jirasati, about:

• Persistent rumors of a vast Venezuelan government Bitcoin hoard
• Cryptocurrency’s grassroots adoption among everyday people for remittances and survival
• How government corruption and confiscation shaped the country’s crypto landscape
• The potential for Venezuela to rebuild its financial infrastructure atop crypto rails

The tone moves between skepticism, hard-won experience, and optimism, with both guests offering personal and political context to the evolving role of digital assets in Venezuela.

Key Discussion Points and Insights

1. Rumors of a $60 Billion Venezuelan Bitcoin Stash

Timestamps: 02:08–16:35

Breakdown of “Bitcoin Treasury” Claims

• Claim: Venezuela amassed ~$60B in Bitcoin through gold swaps, oil sales for crypto, and mining.
• Mauricio’s skepticism:
  • Gold swap story: No on-chain evidence or plausible rationale.
  • Oil-for-bitcoin: "What I find very hard to believe is that any of the crypto that was paid for that oil was rightfully returned back to Beneza and then, and furthermore sent back to the Venezuelan reserves." (05:19)
  • Mining proceeds: Equipment stolen from private citizens, not for national benefit. “The operation of that equipment was not done to the benefit of the Venezuelan government. It was done to the benefit of Maduro's private death squads." (07:36)
• Extreme corruption makes significant public hoarding unlikely: “I'm expected to believe that they ran the most sophisticated bitcoin treasury operation on planet Earth for the benefit of their people… Absolutely not.” (13:08)
• Mainstream/media speculation driven by Venezuela’s plausible history with Bitcoin and sanctions, but lacks hard data.

Notable Quotes

• Mauricio: "If you start out with a million and you want to get it to the people and you have 10 hops, you start with a million and you get a dollar. Right. And that's likely what happened in this case." (14:06)
• Jorge: “Everybody's imagination can become wild when they think about the potential $60 billion Bitcoin and actually try to focus on the real tangible things… which is way higher than any kind of confiscated amount of bitcoin that there may be in Venezuela.” (09:46)

2. The Rise & Fall of Grassroots Bitcoin Mining

Timestamps: 16:35–28:41

Everyday Adoption Story

• Initial adoption spurred by hyperinflation and economic collapse (2014+).
• Mauricio’s brother starts mining Bitcoin due to subsidized electricity: “...the miner gave you a sense of tangible, physical, good... It was like a stepping stone to actually owning something digital.” (18:02)
• The golden age (2015–2017): ordinary people turn to mining as a lifeline.

Government Crackdown & Confiscation

• Boom ends when regime eyes miners for expropriation (2017–2018).
• Witch hunt: miners invited to “register” (a trap), then subject to extortion, raids, and confiscation. “They raided our facility, they demanded $25,000 in cash and the machines to not throw my brother in jail for over some made up charges and they continue to extort us.” (33:31)
• Introduction of the state-run “Petro” coincides with crackdown.

Notable Quote

• Mauricio: "That sound. That’s freedom, right? And people, their eyes lit up… it was revolutionary. And so this was… the golden age of Venezuelan independent mining." (19:26)

3. Stablecoins and Remittances: Lifeline Amid Hyperinflation

Timestamps: 34:50–44:22

Explosive Growth of Stablecoin Usage

• Hyperinflation destroys trust in the bolivar; people turn to stablecoins (USDT and similar) for everyday transactions, saving, and sending money.
• Massive diaspora (~9 million Venezuelans) creates huge remittance need.
• Regime currency manipulation creates a two-tiered exchange rate:
  • Official: $1 = 321 bolivares (regime rate)
  • Actual: $1 = 780 bolivares (peer-to-peer market)
• Using banks means losing 50–60% of value─only stablecoins maintain true purchasing power.
• “There is no trust in the Venezuelan banking system because the banking system is the regime. Do you see what I mean? The only way to actually not have, by the way, which is not only a sovereignty issue, it's a huge privacy issue." (42:42)

Notable Quotes

• Jorge: “Venezuelans right now… rely on stablecoins. This has been the way for people to survive after many years of hyperinflation.” (37:33)
• Mauricio: “You are supposed to tell the group of people that has hated and prosecuted wealth and prosperity for 26 years, you’re going to tell them how much money you're making. Are you out of your mind?” (43:18)

4. Why Crypto Offers Hope (and Urgency) for Reconstruction

Timestamps: 26:44; 47:48–End

Vision for a Crypto-Based Economic Future

• With the old financial system gutted, crypto assets can form the backbone of a new, inclusive economy.
• Venezuela as an energy hub: huge hydro potential, competitive industrial electricity—if protections for property/capital return.
• Both guests stress: the elite and populace alike have been radicalized for crypto—by necessity and bitter experience.

On the Failure of the Petro

• State-controlled “crypto” lacked transparency, legitimacy, and public trust.
• “...clearly you have a centralized currency supposedly built on trust. Because it's centralized, right? Like it's completely not decentralized, launched by a group that has absolutely no credibility or legitimacy...” (46:04)

Political Foundation

• True crypto renaissance requires rule of law, property rights, and political transition.
• Hopes for a future where “digital asset companies play a role in the rebuilding of Venezuela.” (55:05) Possibly even stablecoins as the primary monetary unit.

Notable Quotes

• Jorge: “We are all extremely pro crypto assets. So there is a mentality there in the leadership… because, you know, the people that build businesses, the people that want to do politics, then eventually become the intellectual elite of a country.” (56:13)
• Jorge: “Venezuela will become a huge opportunity for everybody who is involved in the crypto assets sector. The Venezuela financial system is totally destroyed. It needs thoughtful rebuilding.” (09:50)

5. Wider Geopolitics and Digital Asset Mobility

Timestamps: 49:59–54:42

• Host Laura Shin asks how crypto might shift the geopolitical power dynamic, referencing Chinese state blockchain projects, U.S. policy, and stablecoin regulatory concerns.
• Mauricio contends that crypto increases capital and human mobility.
  • Governments must compete for productive, digital-asset-holding individuals.
  • “...productive individuals have mobility now, especially with digital assets. Digital assets give you way more mobility than physical assets… and the younger generation is over indexing more and more and more into digital assets.” (52:01)

Memorable Moments & Notable Quotes

| Timestamp | Speaker | Quote | |-----------|-----------|----------------------------------------------------------------------------------------| | 03:04 | Mauricio | “…there is no on chain evidence for this transaction. So I will say that for that reason, I don’t believe the swap was real.” | | 19:26 | Mauricio | “That sound. That's freedom...” | | 43:18 | Mauricio | “You are supposed to tell the group of people that has hated and prosecuted wealth and prosperity for 26 years, you’re going to tell them how much money you're making. Are you out of your mind?”| | 56:13 | Jorge | “We are all extremely pro crypto assets… that’s the huge opportunity that we have because it’s a combination of an elite that really believes on these things and the population who are using these things every single day.”|

Key Timestamps for Reference

• [03:04] – Mauricio’s breakdown of $60B Bitcoin hoard claim
• [14:06] – Corruption route of siphoned funds
• [16:35] – Story of grassroots mining boom
• [33:31] – Government crackdown kicks off
• [37:33] – Stablecoins as daily survival tool
• [43:18] – The necessity of privacy & trustlessness for survival
• [45:28] – Petro: Government’s failed “crypto” experiment
• [49:59] – Venezuelan geopolitics and crypto
• [55:05] – Crypto’s role in Venezuelan reconstruction

Conclusion

This episode delivers a nuanced, sometimes emotional look at the intersection of macroeconomics, corruption, and digital resilience. While Venezuela’s government has misused and misunderstood crypto, everyday people have embraced Bitcoin and stablecoins out of necessity—often in defiance of state repression and confiscation. Both guests are adamant: if given a second chance, Venezuela could become a model case for rebuilding a financial system on open, trust-minimized rails.

Optimistic takeaway: "Venezuela, it's an energy hub... all the people that want to come back to rebuild Venezuela... we are all extremely pro crypto assets." – Jorge (56:13)

Caveat: Success depends on real political change and respect for property. Until then, stablecoins remain a lifeline.