Cobra, the pseudonymous owner of the Bitcoin.org domain, has raised concerns about potential future actions from the U.S. government regarding bitcoin ownership. He believes that there could be a looming threat of a ban on self-custody of bitcoin, even though implementing such a ban may prove to be challenging.
Bitcoin.org Owner Cobra: The Security of Self-Custody for Bitcoin at Risk in the U.S.
Expressing his apprehensions, Cobra, the mysterious figure behind Bitcoin.org, has highlighted the possible risks and constraints facing the self-custody of bitcoin in the near future. He speculates that governments, especially in the U.S., may be gearing up to impose a blanket prohibition on individuals holding their own bitcoin assets, necessitating the involvement of a custodial intermediary.
Taking to social media, Cobra stated:
“If you think they won’t eventually come for self custody of Bitcoin you haven’t been paying attention.”
Drawing parallels, Cobra referenced the 1930 Executive Order 6102 in the U.S., which outlawed private ownership of gold and discouraged “the hoarding of gold coin, gold bullion, and gold certificates within the continental United States.” He noted, “Private ownership of gold was once prohibited in the United States even though storing substantial wealth in gold was not practical.”
Concerns about potential government intervention have also been shared by Dennis Porter, co-founder of the Satoshi Action Fund, who is working towards securing bitcoin and cryptocurrency rights, including self-custody, at the state level in the U.S.
Aligning with Cobra’s views, Porter has publicly voiced his concerns about the U.S. federal government’s intentions to impose restrictions on bitcoin mining and self-custody.
However, skeptics have questioned the feasibility and effectiveness of enforcing a ban on self-custody of bitcoin. Responses on social media pointed out that “Secure private ownership is one of the issues bitcoin was created to address,” and “It would be challenging to ban ownership based on 12 words.”
What are your thoughts on the potential of governments prohibiting self-custody of bitcoin? Share your opinions in the comments below.
