Elon Musk, at the head of the Government Efficiency Department (Doge), questions the integrity of the US gold reserves stored in Fort Knox. His statements, supported by Republican Senator Rand Paul, revive the debate on the transparency of public assets, while highlighting Bitcoin’s potential as an auditable and decentralized alternative to safeguard national treasures.
The website of the US House of Currency offers information about the Fort Knox’s gold deposit, where most government gold is saved. According to this source, Fort Knox currently contains 147 million Troy ounces (4,583 metric tons, equivalent to 294 billion dollars), representing approximately More than half of the total treasure gold.
The rest of the American reserves in gold, which amount to approximately 261.5 million Troy ounces (523 billion dollars) is stored in deposits located in West Point and Denver.
However, Musk points to place that stores approximately 59% of American treasure reserves. “Is the gold still there or is it gone?” He asked, while proposing a live transmission from the vaults to dissipate doubts.
It is noteworthy that Fort Knox is a military base located in Kentucky, known as one of the safest sites in the world. Security is extremely strict, including military patrols, physical barriers, and advanced surveillance systems. It is even said that the area is protected by tanks and helicopters.
In fact, Senator Michael Lee assures Musk that, unsuccessful, he has tried to enter Fort Knox. Access to the gold deposit is extremely limited. Only a handful of people have access to the place at any time, and the visits are highly controlled.
Political commentator Glenn Beck also adds to the idea of audit the Treasury in Gold from the United States. He warned about it last week when he published an article in which he indicates that if it is confirmed that gold has disappeared from the vaults, it would mean that “nobody possesses anything.” “Let’s simply start claiming the truth about gold,” he added.
Similarly, Senator Rand Paul is requesting An Audit of Gold stored Fort Knox. The last one made in the place was 50 years ago (in 1974), and since then only partial or symbolic inspections have been carried out.
The source mentions that, after the audit of 1974, a “continuous audit committee” was established to supervise the reservations, but this committee was reorganized in 1982 under the office of the Inspector General of the Treasury. However, later reports (until 1986) are scarce and do not include complete physical audits of Fort Knox.
Bitcoin vs gold, which one wins in transparency?
While Musk and other American politicians demand clarity about the treasure in gold, the bitcoin reserve of El Salvador stands out for its transparency since it is in view of any user who enters to detail them through their site in Mempool Space.
The advantages of a Bitcoin reserve have also been highlighted by Senator Cynthia Lummis, who presented a legislative proposal so that his nation stores Bitcoin in his treasure.
Lummis stressed that «a reserve in Bitcoin could audit in real time, 24/7with a basic computer ”, stressing that its decentralized network eliminates the need for physical or intermediary inspections.
This position contrasts with the opacity of Fort Knox, whose structure and access procedures only know “a few,” according to La Casa de la Moneda. Michael Saylor, defender of Bitcoin, summed up the contrast: “Bitcoin fixes this.” That is because his greatest public book is more honest than any government audit. And although Strategy’s CEO does not point it, it is also important to point out that a Treasury in Bitcoin does not require ample physical space with expensive armies to guard it, offering a viable alternative for the management of state reserves.
Thus, Bitcoin transparency and decentralization challenge the status quo of how value reserves are guarded, while raising fundamental questions about the confidence, security and management of the financial resources of a country in the digital age.