#Strategy加码BTC配置 A unique macro story is unfolding: a South American regime is building a "shadow financial reserve" through Bitcoin, potentially on an unimaginable scale.

According to on-chain analysts' tracking, this regime has been engaged in a long-term accumulation of digital assets since 2018—initially testing the waters with "oil-backed tokens," which ended in failure. Afterward, they shifted strategies: settling oil exports in USDT, but later realized the risk of stablecoin freezes, so they transferred everything into Bitcoin.

This operational framework has lasted nearly 8 years:

Between 2018-2020, they accumulated BTC through gold swaps, which were valued at about $5,000 per coin at the time, now worth $45-50 billion; some of the oil they sold for cash is now valued at $10-15 billion; plus, a $500 million holding seized from shuttered enterprises. Rough estimates suggest this reserve has expanded to a scale of $56-67 billion, with over 660,000 BTC.

This size is enough to stir waves in the market. More importantly, this is no longer just a game of individual nations— the power struggle surrounding these assets is quietly shifting the global Bitcoin market landscape.

Market participants must start reconsidering Bitcoin's role in geopolitics.