A recent survey by the Nakamoto Project, a nonprofit Bitcoin education and advocacy group, has revealed that four out of five Americans want some US gold reserves converted to BTC.
The survey of 3,345 respondents asked: “Assuming the United States was thinking of converting some of their gold reserve into Bitcoin, what percentage would you advise they convert?”
The majority of respondents wanted between 1% and 30% converted, it revealed.
4 in 5 Americans want some US gold reserves converted to bitcoin. pic.twitter.com/ibxXfe04g5
— The Nakamoto Project (@NakamotoProjct) May 19, 2025
Lots of Skepticism
Project co-founder Troy Cross said many were skeptical of the findings, suggesting that only Bitcoiners were surveyed.
“We were also surprised too. But the results are the results. When given a slider and asked to advise the US government on the right proportion of Bitcoin and gold, subjects were very reluctant to put that slider on 0% Bitcoin and 100% gold. Instead, they settled around 10% Bitcoin,” he explained.
The recommended proportions of BTC dropped significantly with age, which was not surprising given the inverse relationship the organization found in a previous survey between age and Bitcoin ownership.
Satoshi Action Fund co-founder Dennis Porter said he didn’t believe it at first, adding that:
“Americans just don’t care about gold that much, and most people are inclined towards diversification when given the choice.”
The survey, which ran between February and mid-March, was conducted online, and participants were paid. However, the survey and data collection company Qualtrics was asked to match the US Census distribution in terms of age, gender, race, income, education, and geography as closely as possible, he added.
The study also revealed that around 66% of respondents were neutral-to-positive about Donald Trump’s strategic Bitcoin reserve.
Many of you are skeptical of our finding, released this morning that 4 in 5 Americans would convert some US gold reserves into bitcoin.
“Yeah right! You must have done your survey at a bitcoin conference!”
We were also surprised too. But the results are the results.
The… pic.twitter.com/JzaBGwdfBq
— Troy Cross (@thetrocro) May 19, 2025
Room for Diversification
The United States holds the world’s largest stockpile of gold reserves, with 8,133 tons worth more than $830 billion at current market prices.
Uncle Sam also holds around 207,189 BTC worth around $22 billion, less than 3% of its gold reserves, according to BiTBO, so there is plenty of room for diversification.
White House adviser Bo Hines has floated a new strategy that the Treasury might start buying Bitcoin using profits from its gold reserves. This plan, if enacted, could lead to the purchase of up to 1 million BTC over five years.
He referenced Senator Lummis’ Bitcoin Act of 2025, stating in March, “If we actually realize the gains on these [gold certificate holdings], that would be a budget-neutral way to acquire more Bitcoin.”
Health Secretary Robert F. Kennedy Jr. suggested matching the country’s gold reserves with Bitcoin in July.
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