April 5, Satoshi Nakamoto's birthday, marks Roosevelt's edict on gold, and this is a good time to discuss it.
The so-called birthday of Satoshi Nakamoto? Not only that, but April 5 is a historic date for the first bitcoin holders, as it was the day President Roosevelt issued an executive order requiring all U.S. residents to turn in gold bullion, coins and certificates by May 1 of that year.
And for one of the most important aspects of Bitcoin, it is a historic day, and probably because of this historic significance, it was chosen by Satoshi Nakamoto as his birthday.
Executive Order 6102
Few people are familiar with this historic presidential executive order issued by Franklin D. Roosevelt, except those who have been in the bitcoin world for a long time. If we needed a reminder, it reminds us of what happens to certain property and assets when they come under the pen of government agencies.
So what does the order contain? In a nutshell, it was a ban on private ownership of gold, a ban that lasted nearly 40 years and required/forced citizens to surrender all types of gold. It was said at the time that this move was necessary to stabilize the economy.
Gold was to be turned in to the Federal Reserve or any Federal Reserve member bank. And in most cases, that's exactly what happened. The banks complied, to the point of filing lawsuits against their customers, and with the stroke of a pen, however small the most important pen in the world, millions of Americans were deprived of the choice of how to allocate their capital - that is, their savings.
The date is so historic that there is a reasonable suspicion that Satoshi Nakamoto chose it as his birthday on the forum to celebrate this very act, of which few, at least in our area, are aware.
Yes, but what does this have to do with Bitcoin?
The interference of unfettered government power (or monopolists of power) in the savings and freedoms of individuals is one of the strong themes that has grown with the birth and ideals of Bitcoin, and Executive Order 6102 is perhaps the most typical representation of such actions.
Bitcoin, unlike gold (and for this reason many consider it superior), cannot be confiscated. Or rather, it cannot be confiscated as long as you secure it yourself and do not entrust it to a third party, be it a bank or an exchange.
The fact that imperial acts like Order 6102 are not possible in the crypto-digital realm of Bitcoin, at least from some political point of view, is preferable if the goal is to limit certain acts of state power and protect individual freedoms. No one without your private key can force you to do anything.