U.S Senator Rand Paul wants Fort Knox gold reserves audited which has led people to compare Bitcoin transparency with traditional asset storage methods. The cryptocurrency community now pushes again for a fort Knox audit through their Twitter campaign to MOTIVE but needs official funding.
On February 16 Paul requested DOGE team to perform an audit at Fort Knox and report if the United States Treasury Department actually stores their declared 147.3 million ounces (4,600 tons) of gold. After ZeroHedge asked a financial question about gold audit status Musk responded and Paul requested DOGE to audit the Fort Knox gold reserves.
Bitcoin Overcomes Gold’s Counterfeit Problems
The idea of Fort Knox gold is commonly doubted but Bitcoin advocates use it to explain why digital money achieves better clarity and reliability in finance systems. Wyoming Senator Cynthia Lummis of Wyoming expressed her view on X by declaring that Bitcoin addresses this problem and urged authorities to create a state Bitcoin reserve on February 16.
Because Bitcoin operates on a decentralized platform people worldwide can check the blockchain for all details about Bitcoin ownership supply and transactions without needing external audits. Pierre Rochard analyzes that Bitcoin serves as an alternative to gold because users should not need to rely on auditors.
Anyone can check the accuracy of Bitcoin transactions without depending upon professional auditors. Although many have used gold as a store of value over time it faces problems of counterfeiting.
The United States maintains the largest gold reserves worldwide yet major concerns about fake gold bars appeared during the recent years. The CEO of Valcambi announced in 2019 that criminal producers were making more advanced fake gold products that had not been discovered yet.
Bitcoin provides absolute protection against forgery. Bitcoin operates differently than traditional assets because its 21 million BTC supply remains fixed and every satoshi shows its traceable position on the blockchain. According to Bitcoin advocate Max Keiser Bitcoin is impossible to replicate in 2018. No other system of exchange has existed on Earth without this imperfection.
