90 years ago, the US government forbade it‘s citizens to own any Gold. They can just do the same to Crypto, only self-custody can help you protect yourself.

A bit of a history session today that is also related to Crypto, on April 5th 1933 Franklin D. Roosevelt signed the Emergency Banking Act, which was in response to multiple bank runs happening during The Great Depression and many states issuing their own “bank holidays“ which lasted over whole weeks to prevent those. The trust in banks was at an all-time low then, so something had to be done…

Back then USD was backed by Gold and you needed a lot of Gold for that, this why with help of the Executive Order 6102 every citizen was forced to give their Gold over to the FED for the exchange rate of $20 per ounce. Then in 1934, the gold price per ounce was increased from $20 to $35. That increased the value of Gold and devalued the USD, meaning that fewer amounts of Gold were needed to back the USD. Now the FED was all free to print even more money.

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Picture of the real Executive Order by Roosevelt

Basically, they stabilised their own currency through forcefully buying Gold from their citizens at lower prices, then increasing the prices of Gold by themselves to print even more USD. Yeah… that sounds like a classic US government scam to their citizens.

The possibility of that happening with Crypto is thus also possible, they could use any excuse to force every citizen to give their Crypto to the government because it threatens their power. The only good thing now is that through self-custody they can never have control over your Crypto nor know whether you even have any.