If the U.S. DOGE department audits the Federal Reserve, it may boost the market's demand for Bitcoin
According to The Block, calls for an audit of the Federal Reserve led by long-time critic Ron Paul are growing louder. Elon Musk, head of the newly established Government Efficiency Department (DOGE), supports this proposal, calling it a "good idea".
Jordan Petsas, director of economics, finance and international business at Scranton University, said that if an audit of the Federal Reserve reveals issues such as over-issuance of currency, it could shake public and investor confidence in the dollar. This concern about the stability of legal tender may drive demand for alternative stores of value like Bitcoin and gold.
Cryptocurrency derivatives trader Gordon Grant pointed out that an audit of the Federal Reserve might prompt Americans to start questioning the robustness of their currency. This could accelerate a shift towards tangible assets such as tokenized gold for instant payment transactions or turning to Bitcoin as an alternative choice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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