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Cobra, the pseudonymous owner of the Bitcoin.org domain, has voiced concerns about future actions from the U.S. government regarding bitcoin ownership. He anticipates a possible ban on the self-custody of bitcoin even when its application and enforcement might be impractical.
Bitcoin.org Owner Cobra: Bitcoin’s Self-Custody Might Be in Danger in the U.S.
Cobra, the pseudonymous owner of the Bitcoin.org domain, has warned about the upcoming perils and limitations that the self-custody of bitcoin might face in the forthcoming eras. For Cobra, governments of the world and the U.S. might be preparing to issue a total ban on bitcoin self-custody, meaning that citizens will not be able to have bitcoin without the support of a custody middleman.
In social media, Cobra declared:
If you think they won’t eventually come for self custody of Bitcoin you haven’t been paying attention.
Cobra made an analogy with how the U.S. illegalized private ownership of gold circa 1930 through Executive Order 6102, which explicitly banned “the hoarding of gold coin, gold bullion, and gold certificates within the continental United States.” “Private ownership of gold used to be illegal in the United States even though keeping a large amount of wealth in gold is impractical,” he explained.
Others also fear federal government action on this front against bitcoin. Dennis Porter, co-founder of the Satoshi Action Fund, has embarked on a nationwide initiative to enshrine bitcoin and cryptocurrency rights, self-custody included, at a state level in the U.S.
Porter, like Cobra, has also publicly shared his opinion about the intentions of the U.S. federal government to impose limitations on bitcoin’s mining and self-custody.
Nonetheless, some have called out Cobra on the feasibility and enforceability of a self-custody prohibition of bitcoin. “Secure private ownership is literally one of the problems bitcoin was invented to solve,” and “Good luck banning 12 words” were some of the answers he received on social media.
What do you think about the possibility of governments banning self-custody of bitcoin? Tell us in the comments section below.