The War on Bitcoin: Why Self-Custody Is the Only Way to Win
In 1933, the U.S. government forced Americans to surrender their gold.Cory Klippsten on Executive Order 6102, and on what Bitcoiners mean when they warn about a 6102 attack. Roosevelt signed the order on April 5, 1933, about a month after taking office, while the United States was still on a gold standard that constrained the money supply he wanted to expand. Americans had until May 1 to turn in most gold coins, bars and certificates at the official price of $20.67 an ounce. Refuse, and the penalty was a $10,000 fine in 1933 dollars, ten years in prison, or both. Then the government raised the official price 69%, to $35, and kept private ownership of monetary gold restricted for more than 40 years, until the end of 1974.
The modern version doesn't need door-to-door coercion. If Bitcoin becomes one of the world's most important reserve assets, the government doesn't have to attack the network or go looking for hardware wallets. It can go where the Bitcoin already is: the enormous pools held by regulated American custodians, including the coins behind every big ETF and substantially all of Strategy's. A modern 6102 attack could start by restricting withdrawals or requiring Bitcoin to stay with approved custodians, and eventually look a lot like 1933.
That is where self-custody makes the difference. A custodian can comply with an order without asking you. An ETF holder doesn't have the keys to the Bitcoin behind the shares. If you hold your own keys, there's nobody who can comply on your behalf, and the government has to deal with you, and everyone else who holds their own keys. Cory closes on Satoshi's stated birthday, April 5, 1975: the day FDR signed the order, and the first year Americans could legally own gold again.
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