DOGE might start counting gold bars at Fort Knox. That could embolden the crypto bulls.

DOGE’s next efficiency effort might be counting the number of gold bars at Fort Knox. 

“Who is confirming that gold wasn’t stolen from Fort Knox? Maybe it’s there, maybe it’s not,” Elon Musk mused in a recent X post. President Trump backed the so-called “audit” on Wednesday. 

Now, crypto proponents are rallying around the effort, arguing that a discrepancy in the amount of gold in Fort Knox would cement the case for a strategic national bitcoin reserve.

One of the arguments is that bitcoin is easily traceable. While talks of a national reserve had gained momentum during the campaign, efforts seem to be stalling at the federal level, and some are getting antsy. 

“Unlike gold, bitcoin is fully transparent and traceable and auditable in real time while being resistant to centralized control,” Rachel Lin, CEO of trading platform SynFutures, told Sherwood News. 

The amount of gold holdings at Fort Knox is 147.3 million ounces, according to the US Mint. The last audit was conducted in 1974, when Gerald Ford was president.

As the song goes, the revolution will not be televised — but the audit might be livestreamed, despite the US Mint stating that “no visitors are permitted in the facility.”

David Siemer, CEO of Wave Digital Assets, argued that less gold than expected could further erode confidence in traditional reserves and strengthen the case for bitcoin as a strategic reserve asset.

At the very least, he said, it would accelerate discussions about diversifying reserves beyond gold or traditional assets. More broadly, it would underscore a key advantage of bitcoin: its auditability.

“Bitcoin supply is publicly verifiable at all times. This transparency is precisely why institutions and governments are increasingly taking it seriously,” he added.

Sen. Cynthia Lummis, one of the biggest proponents of a bitcoin national reserve, also supported the idea of an audit, saying that unlike the precious metal, bitcoin can be audited “any time 24/7 with a basic computer.”

Lummis introduced the BITCOIN Act (aka the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act) in July — a plan for the government to acquire 1 million bitcoin by purchasing up to 200,000 coins annually over five years.

While many supporters expected a national bitcoin reserve to materialize early under the new administration, so far, it’s still at the “exploration” level. At the state level, though, there are “32 states with bitcoin and digital asset legislative efforts in 2025,” according to the Satoshi Act Fund.

A Fort Knox audit could also affect bitcoin’s price: experts say a shortfall in gold could push it higher. 

“Bitcoin, already seen as digital gold, could see more demand. Speculation alone could drive price action, but a serious conversation about BTC as a reserve asset would be an even bigger catalyst,” said Ermin Sharich, cofounder of bitcoin-backed stablecoin platform Aegis.

Yaël Bizouati-Kennedy is a financial journalist who’s written for Dow Jones, The Financial Times Group, and Business Insider.