A proposal to track or tokenize the gold reserves of the U.S. through blockchain technology has created a stir among financial experts. The idea would not be trustless and decentralized like Bitcoin, but some believe it could benefit it.
Kevin O’Leary, aka Mr. Wonderful, is known to accept crypto deals only if the funds are in stablecoins. Recently, he has hinted on multiple occasions about the potential value of Ethereum’s upgrade. The analyst showed strong conviction about an upcoming bull run for Bitcoin and Ethereum only next year, following the ETF launch. Cipolaro stated that previous mentions by some government officials, including Elon Musk and former Trump administration officials, had been made about the use of blockchain to monitor US gold as well as the federal government budget spending.
This gold is the property of the American people. I sure hope it’s still there!
— Elon Musk (@elonmusk) February 17, 2025
Cipolaro stated that blockchains aren’t smart by nature. They convey limited information. For example, Bitcoin does not know the price or the time. Blockchain-based tracking of gold can help make audits more efficient and transparent, but the process remains centralized. That means, while Bitcoin was designed to eliminate these centralized bodies, blockchains are not.
Though they are different, Cipolaro thinks a gold token may in some way help Bitcoin. People may embrace more non-CBDC cryptocurrencies if they are made aware of blockchain technology and digital assets through aankh-micholi games.
Analysts are betting on an increased focus on gold in relation to Bitcoin. U.S. Senator Rand Paul, a Republican, called for an audit of the nation’s gold to encourage more people to use Bitcoin. Although the U.S. Treasury regularly audits and publishes reports of the gold reserves, there is skepticism regarding their accuracy. Former president Donald Trump and Elon Musk have previously voiced conspiracy theories that suggest whether the gold is actually still there.
Treasury Secretary Steve Mnuchin last inspected Fort Knox in 2017. According to the US Treasury, the vaults last opened to Congress and reporters in 1974, before 2017. The U.S. Mint reports that the only gold movements in recent years have been small transfers for purity testing.
Trump’s Treasury Secretary, Scott Bessent, recently confirmed that annual audits check that the gold remains present. A blockchain-based tracking system for gold may or may not happen, but it could have crypto relevance for Bitcoin and the cryptocurrency space in general.
