Elon Musk Sparks Gold Reserve Audit Debate
1min read Elon Musk's recent exchange on social media has sparked a contentious debate over the U.S.'s largest gold reserves, housed at Fort Knox. The conversation began when Zerohedge tagged Musk, suggesting he should verify the gold reserves, as no one has done so since 1974. Musk, surprised by this claim, questioned whether regular inspections take place.
This exchange has led to widespread speculation, with many questioning why the reserves have not been thoroughly audited in recent decades. Theories have emerged that the gold may have been sold off or is no longer in Fort Knox at all. If the vault does hold the reported 4,580 tons of gold, it would be worth approximately $425 billion based on current market rates.
Musk's discussion caught the attention of U.S. Senator Rand Paul, who wasted no time in supporting a formal review. Paul commented, "Nope. Let's do it," referring to the lack of inspections. This stance is not new for the Paul family, as his father, former Congressman Ron Paul, has long demanded more transparency regarding the U.S. gold reserves, questioning whether the vault is truly as full as claimed.
As the debate over gold reserves continues, U.S. Senator Cynthia Lummis has proposed a radical alternative: Bitcoin. A known Bitcoin advocate, Lummis argues that a Bitcoin reserve would provide full transparency, as blockchain technology allows anyone to verify holdings at any time. Lummis has already introduced the BITCOIN Act, which outlines a plan for the U.S. to acquire 1 million BTC, making up 5% of Bitcoin's total supply. The proposal includes secure Bitcoin vaults under the U.S. Treasury, with funding drawn from existing resources to avoid taxpayer expenses.
With growing calls for an audit, pressure is mounting on officials to confirm whether Fort Knox still holds its gold. The U.S. government has not yet responded to these demands, but the debate surrounding the gold reserves is likely to continue as more politicians and citizens call for transparency and accountability.
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