The cryptocurrency community is increasingly vocal in its call for a renewed audit of the United States’ gold reserves at Fort Knox, with Senator Rand Paul urging Elon Musk’s Department of Government Efficiency (DOGE) to take on the investigation.

On February 16th, the Kentucky senator extended an invitation to DOGE to audit the gold reserves at Fort Knox. The aim of the audit is to confirm whether Fort Knox truly holds the stated 147.3 million ounces (4,600 tons) of gold belonging to the US Treasury Department.

Senator Paul’s call for an audit follows Elon Musk’s response to a query from libertarian financial blog ZeroHedge. ZeroHedge had pointed out that the Fort Knox gold reserves have not been officially audited in 50 years, since 1974.

Often the subject of conspiracy theories, the status of Fort Knox’s gold reserves is highlighted as a compelling use case for Bitcoin, with numerous Bitcoin advocates, including Senator Cynthia Lummis, asserting that “Bitcoin fixes this.”

Bitcoin reserves: Auditable 24/7

Senator Lummis of Wyoming reiterated her stance on X on February 16th, advocating for the establishment of a state Bitcoin reserve within the US:

“Bitcoin fixes this. A Bitcoin reserve could be audited any time, 24/7, with a basic computer.”

In contrast to physical gold, which necessitates external audits, Bitcoin permits anyone to verify ownership, supply, and transaction history directly on the blockchain, removing the need for intermediaries.

“With gold, auditor trust is essential. Bitcoin empowers anyone to be the auditor,” stated Pierre Rochard, Head of Research at Riot Platforms, commented.

Bitcoin’s resistance to counterfeiting, unlike gold

Despite its long-standing reputation as a dependable store of value, gold has encountered issues related to counterfeiting. Even though the United States possesses the largest gold reserves globally, concerns regarding the authenticity of gold bars have surfaced in recent years.

With gold prices consistently increasing, instances of fake gold have become relatively common. In 2019, the CEO of Swiss metals refinery Valcambi acknowledged the rising sophistication of gold forgeries, suggesting that potentially thousands of fake gold bars may have gone undetected.

Related: Bitcoin’s role as a reserve asset gains traction in US as states adopt

Conversely, Bitcoin is immune to counterfeiting or dilution. The total supply is capped at 21 million BTC, and each satoshi—the smallest Bitcoin unit—is traceable on the blockchain.

“Bitcoin is uncounterfeitable. It stands as humanity’s only truly perfect hard-money medium of exchange. Owning Bitcoin signifies a declaration of freedom from tyranny and governments, asserting self-sovereignty,” Bitcoin advocate Max Keiser posted in 2018.