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The US actually did ban possessing large amounts of gold during the Great Depression, so there’s legal and historical precedent.
by kn0where 6y ago
The US actually did ban possessing large amounts of gold during the Great Depression, so there’s legal and historical precedent.
- webinvest 6y agoBut the US dollar was tied to a fixed amount of gold back then. When overseas influential creditors demanded that the US give them gold for their dollars like the US said it would, the US complied by buying it from US citizens at a fixed price 20-50% below prevailing gold market value. Once all the gold was given away, the US was able to abandon the gold standard. Once the gold standard was abandoned, the US was able to escape from the Great Depression of the early 1930s. Countries that left the gold standard sooner recovered faster from the Great Depression than countries that were slower to abandon the gold standard. The US dollar is not backed by any amount of bitcoin so I don’t expect to see this happen with bitcoin.