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Samson Mow, CEO at JAN3, has addressed the recent interview of MicroStrategy founder Michael Saylor. Saylor stated he did not believe that BTC can be confiscated by the U.S. government.

Saylor spoke unfavorably about OG Bitcoiners and those who prefer to hold their private keys to Bitcoin wallets for fear that BTC stored with private custodians may be confiscated, similar to gold in the 1930s.

Gold Confiscated in 1933 "Voluntarily"

Mow referenced Executive Order 6102, issued by U.S. President Franklin D. Roosevelt in 1933 to limit private ownership of gold. At that time, the dollar was on the gold standard. Citizens were encouraged to turn in their gold voluntarily or face a $10,000 fine or 10 years in prison (or both).

People exchanged their gold and received $20.37 per ounce. This action aimed to help the Federal Reserve issue more dollars during the Great Depression by acquiring more gold for backing. The official rationale was to prevent private gold hoarding.

In a recent interview, Michael Saylor countered the narrative that gold was confiscated, suggesting people willingly turned it in. He noted that when gold was collected, Roosevelt devalued it in terms of USD, raising the price of one ounce from $20.37 to $35.

Saylor argued that the fears of OG Bitcoiners regarding future BTC confiscation are unfounded, as in 1933, the U.S. was on a gold standard, unlike today where Bitcoin isn't the standard. He labeled these Bitcoiners as “paranoid crypto anarchists” defying governments and taxes.

Executive Order 6102 for Bitcoin: Samson Mow

In response, Samson Mow warned that history might repeat itself. He stated that the government might not need to physically confiscate Bitcoin, as they can simply “lock custodial BTC into approved custodians forever,” calling it “institutional Bitcoin.”

Mow posited that the U.S. has an incentive to degrade and attack Bitcoin due to its ability to print unlimited dollars, while Bitcoin’s limited supply contradicts that principle.

This article was originally published on U.Today