In 1933, President Franklin D. Roosevelt took the bold step of seizing private gold holdings. Nearly a century later, whispers of a similar playbook are swirling—but this time, the asset in question isn’t glittering metal, it’s digital gold: Bitcoin. With Donald Trump’s return to the political spotlight, some wonder—could a future administration attempt a modern version of the Gold Confiscation Order, this time targeting crypto?
What Roosevelt Did with Gold in 1933
On April 5, 1933, FDR issued Executive Order 6102, which required all Americans to hand over their gold coins, bullion, and certificates to the Federal Reserve. Why? The U.S. was in the depths of the Great Depression. Roosevelt and his advisors believed that by removing gold from private hands and inflating the money supply, they could spur economic recovery.
Here’s the gist:
- Americans had to turn in their gold by May 1, 1933.
- They were compensated at $20.67 per ounce.
- After the gold was centralized, the U.S. government revalued it to $35/oz, effectively devaluing the dollar and giving the government more purchasing power.
It was, in essence, a stealthy wealth transfer and monetary reset. While framed as a patriotic duty, noncompliance was punishable by hefty fines and even jail time.
Fast Forward: Bitcoin in the Crosshairs?
Bitcoin, often dubbed “digital gold,” was built in response to the very kind of monetary manipulation Roosevelt embodied. It’s decentralized, scarce, and hard to seize. But could a government try?
With Donald Trump courting the crypto crowd in 2024–2025 and talking big about “protecting Bitcoin,” it’s easy to forget that any administration—Trump’s or otherwise—might flip the script if it sees Bitcoin as a threat to dollar dominance or monetary control.
A few parallels worth considering:
- Monetary control: Just as gold was seen as an obstacle to inflationary policy, Bitcoin could be viewed as a way for citizens to “opt out” of fiat systems.
- National emergency pretext: In 1933, the Depression created justification for extreme measures. A future crisis—say a banking panic, sovereign debt crisis, or currency collapse—could set the stage for similar action.
- Executive authority: Roosevelt didn’t go through Congress. He used the Trading with the Enemy Act. Similar legal levers could theoretically be pulled again.
Why It’s Not So Simple This Time
But here’s the twist: Bitcoin isn’t gold.
- Self-custody: Bitcoin can be held in a digital wallet that no one even knows exists, unlike gold in a safe deposit box.
- Borderless: You can memorize a 12-word seed phrase and carry millions across a border.
- Public resistance: In 1933, many Americans complied. Today’s Bitcoiners? They’re a defiant bunch.
Plus, any attempt at “confiscation” would likely send the price of BTC skyrocketing and trigger global backlash—not to mention technical and legal headaches.
Could a Government Still Try?
Absolutely. Even if confiscation isn’t feasible, regulation is. The playbook might include:
- Forcing exchanges to report and restrict certain transactions.
- Imposing windfall taxes on BTC gains.
- Banning self-custody wallets under the guise of national security or anti-terrorism.
These wouldn’t be confiscation per se, but they’d chill adoption and push Bitcoin underground.
What This Means for Us
Roosevelt’s 1933 gold move was bold, controversial, and effective—in the short term. But it ultimately sparked distrust in fiat and helped lead to Nixon fully severing the dollar from gold in 1971.
Now we live in a world of unbacked currency, and Bitcoin is its response.
If history rhymes, the next verse may not be outright seizure—but instead, pressure, coercion, and regulation aimed at regaining control. The best defense? Education, decentralization, and keeping a healthy skepticism of government promises.
So, one may want to consider the following:
- Keep Bitcoin (and any other crypto) in a self-custody wallet
- Consider using a cold wallet
- If you’re a little more techy, run your own Bitcoin node (it’s easier than you might think)
- Keep up with current crypto related news and legislation
We’re not in 1933 anymore. But the playbook? It’s still on the shelf.