The new 6102? Why a Bitcoin confiscation order could be the government's final mistake
The shocking history of gold seizures, and why Bitcoiners must prepare now for the unthinkable.
Executive Order 6102: the blueprint for seizure
In 1933, President Franklin D. Roosevelt issued Executive Order 6102, making it illegal for Americans to own gold bullion or certificates. Citizens were required to turn in their gold in exchange for $20.67 per ounce. Noncompliance risked fines of $10,000 and ten years in prison, thats around $250,000 today.
Once the gold was in the government’s hands, it was immediately revalued to $35 per ounce, allowing the Federal Reserve to print more money by devaluing the dollar. This was a direct violation of property rights and the Fourth Amendment, yet it passed with support from Congress and the Supreme Court in the depths of the Great Depression.
Could a Bitcoin 6102 happen today?
Bitcoiners fear a similar event. Could governments demand citizens turn over their Bitcoin? Could laws change suddenly, turning honest savers into criminals overnight?
The comparisons are not just academic. Politicians have floated ideas of backing fiat currencies with Bitcoin. Should that happen, history suggests the state would again manipulate the exchange rate during a crisis. The only safeguard is preventing the state from controlling the asset.
Why Bitcoin is different
In 1933, gold was held in vaults, often in banks. Seizure was straightforward. Bitcoin is decentralised, borderless and, if held in self-custody, unseizable without coercion.
To seize it today, the government would need to go door-to-door across a nation of hundreds of millions, many of whom own firearms. What is more likely is seizure from centralised entities like exchanges and custodians. Coinbase alone holds over 745,000 Bitcoin. That is the low-hanging fruit.
The critical lesson: not your keys, not your coins
Any Bitcoin not held in self-custody is vulnerable. ETFs, custodial services and exchanges can all be targeted in a crisis. True Bitcoin sovereignty requires holding the private keys yourself, ideally on a secure hardware wallet.
Why game theory favours self-custody
Governments are less likely to attempt confiscation if citizens can easily flee with their wealth. Unlike gold, Bitcoin can cross borders in one’s head, secured by just 12 words. The more people self-custody, the more costly and ineffective any potential 6102-style attack becomes.
Political protection matters
It is not enough to rely on cryptography alone. Bitcoiners must support political candidates who understand and protect Bitcoin. It takes seconds to vote, but failing to vote could one day cost everything.
A warning and an opportunity
Another Executive Order 6102 would be difficult but not impossible. As fiat systems wobble and monetary policy fails, desperate states may attempt desperate acts. Bitcoiners who prepare with self-custody and awareness will fare best.
The future belongs to those who hold their keys, understand their history, and take nothing for granted.