The US is currently in the process of passing a bill that will aim to sanction $150 billion of Russian gold.
Sanctioning something essentially means blocking or preventing the transacting of something. The US cannot take the gold Russia owns but it can pressure centralised companies around the world to block the movement and sale of that gold whether in physical or electronic form, because moving gold physically and electronically requires centralised 3rd parties. The shipping, freight and cargo companies that move physical bullion can be pressured, the corporations that facilitate electronic gold transactions can be pressured, and the companies that manage gold backed crypto can be pressured into blacklisting addresses. Russia could issue a gold backed CBDC and use that to sell its gold holdings but a gold backed CBDC is nothing but a promise to deliver physical gold one day in the future, which makes it worthless if the movement of physical bullion is blocked.
On the other hand bitcoin is a bearer instrument of value, its value is inherent and not reliant on any underlying physical asset. Moving bitcoin from one address to another address does not rely on any centralised 3rd party. Therefore bitcoin transactions cannot be censored or interfered with in any way meaning bitcoin cannot be sanctioned.
The movement of gold in all forms requires centralised 3rd parties while the movement of bitcoin is completely decentralised. The US sanctioning the movement of Russian gold is showcasing to the world exactly why bitcoin is a far superior reserve asset for governments to hold.
Bitcoin is unsanctionable.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments