Samson Mow: The US Government Doesn't Need to Physically Confiscate Bitcoin to Degrade and Attack It

Samson Mow, CEO at JAN3, has addressed the recent interview of MicroStrategy founder Michael Saylor, in which the latter said he did not believe that

JAN3 CEO Samson Mow has commented on a recent interview with MicroStrategy founder Michael Saylor, where Saylor expressed his doubts that the US government could confiscate BTC.

Saylor also criticized OG Bitcoiners and those who prefer to hold their private keys to Bitcoin wallets, arguing that their concerns about BTC being confiscated from public custodians one day, like gold was in the 1930s, are unfounded.

Gold was confiscated in 1933 "voluntarily" 

Mow pointed to executive order 6102, which was issued by US President Franklin D. Roosevelt in 1933 to limit private gold ownership in the country. At the time, the dollar was still pegged to gold. US citizens were given the option to voluntarily turn in their gold or face a fine of $10,000 or ten years in prison (or both).

People brought in their gold and were paid $20.37 per ounce. This was done to help the Federal Reserve print more dollars during the Great Depression as it had more gold to back them with. However, the official reason was to stop people from hoarding gold.

In a recent interview, Michael Saylor argued that gold was not confiscated and that people turned it in of their own free will. He said that when the gold was collected, Roosevelt changed the value of gold in terms of USD, making one ounce now worth $35 rather than the $20.37 it had been before.

Paranoid crypto anarchists shall inherit the Earth.

Saylor went on to say that the fears of many OG Bitcoiners about the US government confiscating BTC in the future from public custodians are groundless as, back in 1933, the US was on the gold standard and now it is not on the Bitcoin standard. He called these Bitcoiners “paranoid crypto anarchists”, who are against governments and taxes.

Executive Order 6102 for Bitcoin: Samson Mow

However, Samson Mow countered that history may still repeat itself and the government does not necessarily have to confiscate Bitcoin physically. It can just “lock custodial BTC into approved custodians forever,” he said, “and call it ‘institutional Bitcoin’”.

“And then it can drive the price of that Bitcoin lower by decreasing its utility,” Mow added. He said that while the US is not technically backed by Bitcoin, the government still has an incentive “to degrade and attack Bitcoin” because they can print dollars forever and BTC with its limited supply goes against this.

Executive Order 6102 didn't "confiscate" gold in the same way "no one was forced to get the mRNA shot."

A government doesn't need to physically confiscate your #Bitcoin. It can just lock custodial BTC into approved custodians forever, aka "Institutional Bitcoin." And then it can…