Bitcoin Bounces Back After Brief Dip as Musk Sparks Gold Reserve Debate

Economist Henrik Zeberg recently mocked media panic over Bitcoin’s minor 0.17% price drop on Feb. 18, jokingly calling it a “crash.” In reality, Bitcoin experienced a larger 2.5% decline, falling from $96,200 to $93,800 in a few hours. However, the leading cryptocurrency quickly recovered, surging 2.55% to reclaim the $96,320 level.

Meanwhile, Tesla CEO Elon Musk reignited concerns about the U.S. national gold reserve held at Fort Knox since 1937. Musk called for an audit, citing U.S. Senator Mike Lee’s repeated but denied requests to inspect the reserve. Musk’s skepticism was evident in a meme suggesting the gold might be missing or misrepresented.

Bitcoin advocate Michael Saylor responded to Musk’s concerns with the familiar phrase, “Bitcoin fixes this,” arguing that BTC’s transparency makes it a superior reserve asset. Pro-Bitcoin Senator Cynthia Lummis echoed this sentiment, stating Bitcoin reserves can be audited in real-time. However, gold proponent Peter Schiff dismissed the claim, arguing that auditing Bitcoin means verifying “nothing.”

With Bitcoin’s resilience and ongoing debates over traditional reserves, the spotlight on decentralized assets continues to grow.