Elon Musk’s D.O.G.E Takes on U.S. Gold Reserves Audit – A Step Closer to Bitcoin’s Mainstream Adoption?

• Elon Musk’s inquiry into Fort Knox gold reserves has reignited doubts about whether all 4,580 tons still exist.
• Senators Rand Paul and Cynthia Lummis push for transparency—one demanding an audit, the other proposing Bitcoin as a reserve.

Elon Musk’s curiosity has ignited a heated debate over the true state of the U.S. gold reserves. It all began when the financial blog Zerohedge tagged Musk on X, urging him to verify the legendary Fort Knox gold vault, which has not seen a proper audit since 1974.

It would be great if @elonmusk could take a look inside Fort Knox just to make sure the 4,580 tons of US gold is there. Last time anyone looked was 50 years ago in 1974.

— zerohedge (@zerohedge) February 15, 2025

Musk, taken aback by the claim, asked:

Surely it’s reviewed at least every year?

Zerohedge swiftly responded:

It should be. It isn’t.

That brief exchange sent shockwaves through financial circles, reviving long-standing concerns about whether the U.S. still holds all its reported gold.

If Fort Knox truly contains the claimed 4,580 tons of gold, its value would stand at an estimated $425 billion based on current prices. Yet, the lack of independent verification has led to speculation that some of it might have been secretly sold or misplaced over the years.

Senators Step In: Calls for an Audit Grow

Musk’s comments quickly caught the attention of U.S. Senator Rand Paul, who jumped into the discussion. “Nope. Let’s do it,” Paul responded, signaling his support for a formal review. His stance isn’t surprising, as his father, former Congressman Ron Paul, has long questioned the transparency of U.S. gold reserves.

The mounting pressure has led to calls for a full audit of Fort Knox, a demand that has resurfaced multiple times but never gained enough traction. While officials have insisted the gold is intact, critics argue that without a fresh, independent audit, doubts will only continue to grow.

Adding to the conversation, U.S. Senator Cynthia Lummis has presented an alternative—Bitcoin. As a longtime advocate of digital assets, Lummis believes Bitcoin could replace traditional reserves due to its transparent and immutable nature. Unlike gold, every Bitcoin transaction can be publicly verified on the blockchain at any time.

A Radical Proposal: Bitcoin as the New Gold?

Lummis has already introduced the BITCOIN Act, a bold plan for the U.S. to acquire 1 million BTC, which would account for 5% of Bitcoin’s total supply. The proposal suggests creating secure Bitcoin vaults under the U.S. Treasury, funded through existing government resources, to avoid burdening taxpayers.

Her argument is simple—while gold can be faked, diluted, or secretly moved, Bitcoin cannot. With a fixed supply of 21 million BTC, every unit remains traceable on-chain, eliminating the risk of counterfeiting or hidden transactions.

Concerns over fake gold are not unfounded. In recent years, cases of counterfeit gold bars have increased, raising doubts about the integrity of global reserves. In 2019, the CEO of Swiss metals refinery Valcambi admitted that counterfeit gold bars were becoming more sophisticated, suggesting that thousands of fake bars may have already infiltrated the market.

Recommended for you: