4 in 5 Americans want U.S. to swap gold for Bitcoin, new survey finds

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A recent survey by the Nakamoto Project across the country suggests that most Americans want to change part of the U.S. gold reserves into Bitcoin.

Conducted online by Qualtrics between February and March 2025, the poll included 3,345 participants whose demographics reflected U.S. census standards. Most respondents agreed that between 1% and 30% of gold reserves should be converted into BTC.

Troy Cross, a co-founder of the Nakamoto Project, noted that people had doubts about the results, yet he assured them that they were accurate. He pointed out that only a small group of respondents suggested having 0% of the portfolio in Bitcoin. The majority of respondents chose to diversify, and younger respondents were more likely to pick Bitcoin than older ones.

“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.

Satoshi Action Fund’s Dennis Porter said that the results were hard to trust because they showed a major shift in thought. He noted that Americans are now willing to use Bitcoin as a reserve asset rather than just relying on gold.

White House strategy could trigger massive Bitcoin accumulation

Bo Hines at the White House has pushed for the Treasury Department to start investing in Bitcoin with funds from selling some gold. The plan could allow the government to buy up to 1 million BTC in the upcoming five years, massively increasing how much Bitcoin it holds.

To fund Bitcoin purchases, the government is planning to sell Federal Reserve gold certificates. The proposal is consistent with Senator Cynthia Lummis’ Bitcoin Act of 2025, which would declare Bitcoin as a key strategic national resource.

Health Secretary Robert F. Kennedy Jr. had previously recommended that the U.S. match its gold holdings with Bitcoin holdings. BiTBO reports that the U.S. owns 8,133 tons of gold worth over $830 billion and about 207,189 BTC valued at $22 billion. The plan allows for more increase in digital assets in the country.

President Donald Trump has voiced his support and mentioned adopting Bitcoin as a strategy to make the U.S. a leader in digital finance. Many Republicans are endorsing digital asset policies, causing the federal atmosphere to adjust rapidly.

States, corporations, and banks signal growing Bitcoin adoption

There is increasing interest among companies to adopt Bitcoin. Recently, U.S. states have started adopting Bitcoin as part of their financial systems. Up to 5% of the state’s reserves can now be stored in Bitcoin and gold. Arizona is building a digital asset reserve using staking and token incentives, so it does not require funds from taxpayers.

Corporations are following suit. Strategy (formerly MicroStrategy) is continuing to increase its holdings of Bitcoin. Japanese company Metaplanet has invested part of its reserves in BTC, making Bitcoin a significant balance sheet asset.

More banks are noticing the trend. According to JPMorgan analysts, Bitcoin is set to grow more rapidly than gold in 2025 because of new investors and important drivers. They reported that Bitcoin’s price has risen as gold’s price has fallen.

“In all, we expect the YTD zero sum game between gold and bitcoin to extend to the remainder of the year, but are biased towards crypto-specific catalysts creating more upside for bitcoin over gold into the second half of the year.”

JP Morgan

Bitcoin ETFs have received a lot of inflows, while gold ETFs such as SPDR Gold Trust have lost money since late April. According to JPMorgan’s Nikolaos Panigirtzoglou, the trend could persist for a while.

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