The tokenization of the U.S. gold reserve could have a positive impact on Bitcoin, according to Greg Cipolaro, Head of Research at New York Digital Investment Group (NYDIG).

He stated that moving precious metals onto the blockchain would enhance transparency, but gold reserves would still remain dependent on centralized entities, unlike Bitcoin.

Cipolaro explained that such projects cannot operate under a trustless model like digital gold, as they require trust in government institutions. However, their introduction could improve public perception of cryptocurrencies.

Interest in the U.S. gold reserve has grown amid renewed calls for an independent audit of storage facilities.

For example, Senator Rand Paul has urged the Department of Government Efficiency (DOGE), led by Elon Musk, to investigate the U.S. government’s gold reserves in Fort Knox, where the U.S. Mint claims about half of the nation’s gold is stored.

Nope. Let’s do it. https://t.co/4sgVpaCwwz
— Rand Paul (@RandPaul) February 16, 2025

On February 18, Polymarket opened betting on whether the Department of Government Efficiency would conduct an independent audit of the gold reserve. Users were largely skeptical about the likelihood of such a review.