Bitcoin vs Gold: Crypto Community Backs Bitcoin as Transparent Store of Value

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

The U.S. gold reserve, stored at Fort Knox, has not been audited since 1974, raising questions about its transparency and financial trust. U.S. Senator Rand Paul recently called for an audit of the reserve, which holds 147.3 million ounces (4,600 tons) of gold, sparking a debate on the reliability of traditional assets compared to Bitcoin.

The U.S. government has refused external audits on national security grounds, and the gold reserve is seen as a symbol of national credit. However, Bitcoin supporters argue that Bitcoin solves this problem. Bitcoin reserves can be audited at any time by basic computers, operating 24/7, and anyone can validate ownership, supply, and transactions through the blockchain.

Riot's research director, Pierre Rochard, stated that 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 contrast, Bitcoin has 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 that 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.

The crypto community has backed Bitcoin as a store of value, citing its transparency, immutability, and fixed supply. As the debate on the U.S. gold reserve audit continues, Bitcoin's role as a reliable and trustworthy asset is being increasingly recognized.