Fact Check: Did Treasury approve plan to replace paper money with cryptocurrency and gold coins?
WASHINGTON, DC: A rumor has been circulating on social media platforms claiming that the Department of the Treasury has approved a plan proposed by the administration of President Donald Trump to replace paper money with government-approved cryptocurrency and gold with Trump’s face on it by next year. Let us analyse and fact-check the claim.
Claim: Paper notes to be replaced by cryptocurrency and gold coins
Days after the Treasury announced that Trump’s signature would appear on the US paper currency notes in honor of the country’s 250th anniversary, a rumor spread online claiming that the department had approved a proposal to completely phase out paper currency with cryptocurrency and gold coins by 2027.
The rumor has gained traction on multiple social media platforms, including Facebook and Reddit, garnering hundreds of thousands of views. Some online users even appeared to believe the rumor to be authentic.
Fact Check: False, the claim originated as a satire
However, there is no evidence that the Treasury Department has announced a plan to completely phase out paper currency.
A search on Google for the claim produced no relevant results, which, if true, would have been widely covered by credible news media outlets.
There are also no official announcements or statements from the department.
The origin of the story was found to be from a Hawaii-based financial website called GOBankingRates that labeled the story as satire.
A disclaimer appeared at the end of the article that read, “APRIL FOOLS! This article is entirely satirical and was published on April 1, 2026. The U.S. Treasury has no plans to phase out paper money, and all quotes and information in this piece are fictional.”
Donald Trump's signature to appear on US Dollars
The claim surfaced as the department has shared a new plan to include Trump’s signature on upcoming paper currency. This would be unusual, as current presidents are not typically featured on money.
In most cases, paper currency only carries the signatures of the Treasury Secretary and the Treasurer. Adding a president’s signature would go against this long-standing custom.
Trump has recently added his name and image to several important national institutions. These include the US Institute of Peace, the Kennedy Center, and even a newly named group of battleships.
If this happens, it would be the first time a sitting president’s signature is included on US paper money.
Officials say this move is meant to highlight both the country’s history and the president’s role.
Treasury Secretary Scott Bessent said, "There is no more powerful way to recognize the historic achievements of our great country and President Donald J Trump than US dollar bills bearing his name."
