The U.S. Gold Reserve Audit Sparks Controversy, Crypto Community Backs Bitcoin as Store of Value

BlockBeats News, February 17, according to Cointelegraph's report, U.S. Senator Rand Paul yesterday called on the Musk-led Department of Government Efficiency (DOGE) to audit the Fort Knox gold reserve to verify whether it actually holds the U.S. Treasury's 147.3 million ounces (4,600 tons) of gold, sparking a debate on the transparency and financial trust of Bitcoin compared to traditional assets.

The Fort Knox gold has not been audited for 50 years since 1974, mainly because the U.S. government has refused external audits on national security grounds, and its gold reserve is seen as a symbol of national credit, where public verification could trigger market fluctuations and a trust crisis. Bitcoin supporters, including Senator Cynthia Lummis, have stated: "Bitcoin solves this problem. Bitcoin reserves can be audited at any time by basic computers, operating 24/7." Unlike entity gold requiring external audits, Bitcoin allows anyone to validate ownership, supply, and transactions through the blockchain.

Riot's research director, Pierre Rochard, stated: "Gold requires trust in the auditing party, while Bitcoin allows anyone to be an auditor." Bitcoin cannot be counterfeited, unlike gold. Although the U.S. holds the world's largest gold reserves, there have been frequent incidents of fake gold bars in recent years. In 2019, the CEO of the Swiss refinery Valcambi admitted that counterfeiting technology was becoming increasingly sophisticated, suggesting the existence of thousands of fake gold bars that have not been discovered. In contrast, Bitcoin cannot be counterfeited, with a total fixed supply of 21 million coins, and its smallest unit, the "satoshi," can be traced on the blockchain. Bitcoin advocate Max Keiser wrote in 2018: "Bitcoin is the most perfect hard money in human history. Holding Bitcoin is a declaration of independence from tyranny and government intervention, achieving individual sovereignty."