Bitcoin & The 90th Anniversary of Executive Order 6102

As Bitcoin continues to gain traction as a decentralized, authority-free, censorship-resistant alternative asset, we’ve once again reached the anniversary of an event that reminds us why BTC is important.

90 years ago today, US President Franklin D. Roosevelt signed Executive Order 6102, banning the ownership of gold in the United States. Here is everything you need to know about the historic event and why the same thing cannot happen with Bitcoin.

What Is Executive Order 6102?

Executive Order 6102 was signed by U.S. President Franklin D. Roosevelt on April 5, 1933, prohibiting the hoarding of gold coins, gold bullion, and gold certificates within the United States.

The order required individuals and companies to immediately sell their gold to the Federal Reserve at the then-current market price of $20.67 per ounce. Today, gold is worth over $2,000 an ounce. The order also made it illegal to export gold without a license issued by the Treasury Department.

The purpose of the executive order was to protect the U.S. economy during the Great Depression. At the time, the U.S. was on the gold standard, which meant that the value of the U.S. dollar was tied to the value of gold. However, the government needed to increase the money supply in order to stimulate the economy, and it couldn’t do so while the majority of the country’s gold was being hoarded.

Gold from Executive Order 6102 forward | XAUUSD on TradingView.com

Bitcoin And Becoming Digital Gold

The parallels between gold then and Bitcoin today are striking. Bitcoin, like gold, is seen by many as a store of value and a hedge against inflation. Both assets have a finite supply and cannot be easily manipulated by governments or central banks. Bitcoin’s decentralized nature means that it is not subject to the same kinds of government intervention that gold faced in the 1930s.

However, just like gold, Bitcoin has faced regulatory challenges. Some countries have banned or restricted the use of cryptocurrencies, and governments have cracked down on cryptocurrency exchanges and other businesses that deal in digital

Go to Source to See Full Article
Author: Tony "The Bull"

Did you like this?
Tip BTC Newswire with Cryptocurrency