Analysts at New York Digital Investment Group (NYDIG) have suggested that tokenizing U.S. gold reserves on a blockchain, despite being centralized, could ultimately benefit Bitcoin.
In the Group’s latest research update, Greg Cipolaro, NYDIG’s global head of research, explained that while tokenized gold and Bitcoin operate on different trust models, they are not competitors. He noted that tracking gold reserves on a blockchain could improve audits and transparency but would still rely on trust in central authorities, unlike Bitcoin, which is decentralized by design.
Cipolaro pointed out that blockchains have limited inherent intelligence, meaning they do not natively know asset values or real-world conditions. However, he argued that gold tokenization could increase public exposure to blockchain technology, indirectly benefiting Bitcoin adoption.
The idea of tokenized U.S. gold involves placing gold reserves on a blockchain, making transactions and holdings more transparent. This concept has been discussed by Donald Trump administration officials, including Elon Musk, and has gained support from crypto industry leaders.
A major driving force behind this initiative is transparency and auditability. In February 2025, Republican Senator Rand Paul called for an investigation into U.S. gold reserves at Fort Knox, citing concerns and long-standing conspiracy theories—some of which have been echoed by Trump and Musk—about whether all the gold remains intact.
RELATED: Trump Signs Executive Order to Establish U.S. Bitcoin Reserve
Meanwhile, Singapore-based blockchain research firm Matrixport has suggested that the U.S. could accumulate over 1 million Bitcoins within five years if it sells part of its gold reserves. The analysts noted such a move could reshape financial markets while reinforcing Bitcoin’s role as a hedge against traditional assets.
Notably, Cipolaro is the latest to predict how national events in the U.S. could drive Bitcoin adoption. Robert Mitchnick, BlackRock’s head of digital assets, had earlier stated that a U.S. recession could boost Bitcoin adoption. He highlighted that Bitcoin’s decentralized and inflation-resistant properties may increase demand during economic downturns, especially in environments of significant fiscal stimulus and low interest rates.
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