Fort Knox Is Empty, Bitcoin Is the Reserve
Feb 21, 2025
The OnRamp team tackles the gold market chaos head-on, examining why commercial airlines are ferrying gold bars from London to the US, whether Fort Knox is actually empty, and what a potential audit would mean for the world's monetary order. Gold is outpacing Bitcoin year-to-date and the hosts lay out why this is a leading indicator of what is to come for Bitcoin, tying the gold rally to a broader global rotation away from US Treasuries and paper claims on hard assets. The episode covers Paul Tudor Jones' major iBIT position revealed in 13F filings, the Wisconsin State Pension Fund doubling its Bitcoin ETF allocation, and why counterparty risk remains deeply underappreciated in traditional finance. The hosts argue that Bitcoin and gold are both beneficiaries of a world waking up to debasement, while the structure of Bitcoin custody gives it a decisive advantage over gold in a world where trust is eroding.
