If the U.S. DOGE department audits the Federal Reserve, it may boost market demand for Bitcoin

2025-02-13 19:54:32

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ChainCatcher news, according to The Block, the calls for auditing the Federal Reserve led by long-time critic Ron Paul are gaining momentum. Elon Musk, head of the newly established Department of Government Efficiency (DOGE), expressed support for the proposal, calling it a "good idea."

Jordan Petsas, chair of the Department of Economics, Finance, and International Business at the University of Scranton, stated that if the Federal Reserve audit reveals issues such as excessive money supply, it could undermine public and investor confidence in the dollar. This concern over the stability of fiat currency may drive demand for alternative stores of value such as Bitcoin and gold.

Cryptocurrency derivatives trader Gordon Grant pointed out that the Federal Reserve audit could prompt the American public to start questioning the robustness of their currency, potentially accelerating the shift towards physical assets, such as using tokenized gold for instant payment transactions, or turning to Bitcoin as an alternative option.

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