ChainCatcher News: According to The Block, calls for longtime critic of the Federal Reserve Ron Paul to lead an audit of the Fed are growing. Elon Musk, head of the newly created Government Efficiency Unit (DOGE), expressed support for the proposal, calling it a good idea.
Jordan Petsas, director of the Department of Economics, Finance, and International Business at Scranton University, said that if the Fed’s audit reveals issues such as currency overissuance, it may shake the public and investors’ confidence in the US dollar. This concern about the stability of fiat currency may drive demand for alternative store of value such as Bitcoin and gold.
Cryptocurrency derivatives trader Gordon Grant pointed out that a Federal Reserve audit may prompt Americans to start questioning the stability 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 choice.
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