Prominent gold market-focused research firm GoldFix explained in a recent report the intrinsic value of Bitcoin that is similar to gold's: "It cannot be confiscated." This comes even as Bitcoin's value falls by 15 percent over the past two weeks.
GoldFix's report stated that people like Bank of England Gov. Andrew Bailey are wrong in saying that Bitcoin does not have intrinsic value. "If you want to buy Bitcoin, fine, but understand it has no intrinsic value," claimed Bailey. "It may have extrinsic value, but there is no intrinsic value."
But GoldFix said Bitcoin's intrinsic value is in the government's supposed inability to confiscate it.
"This is significant because, throughout history, the state and institutions have confiscated our wealth," GoldFix wrote. The research firm explained that governments "confiscated" people's money through inflation, bank failures and outright expropriation.
"Crucially, bitcoin cannot be confiscated in any of these ways," claimed GoldFix. "This is not to say that Bitcoin cannot be stolen. If someone forces you, at gunpoint, to give them the keychain to your Bitcoin wallet, they can steal your Bitcoin. But it would be almost impossible for the state or institutions to confiscate everyone's bitcoin in this way [aside from banning it completely]."
Currently, the U.S. government is one of the world's biggest holders of Bitcoin, with a known stash of some 200,000 Bitcoin seized over the years from cyber criminals and darknet markets.
The government can only take legal ownership of the Bitcoin when a court issues a final forfeiture order. The Bitcoin is then transferred to the U.S. Marshals Service, the primary agency tasked with liquidating the seized assets. The Marshals Service historically has sold Bitcoin in batches rather than all at once to avoid the possible adverse impact of a large sell order on the market.
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The latest sale occurred in March when the government sold nearly 10,000 Bitcoin via Coinbase.
Bitcoin CAN be confiscated under certain circumstances
But despite GoldFix's assertion of Bitcoin's intrinsic value, the fact that the government has a massive stash of bitcoin proves that it can be confiscated in certain ways, under certain circumstances. (Related: Bitcoin a THREAT to America's DEEP STATE; Space Force head calls for exploration of blockchain tech.)
Bitcoin has lost 15 percent of its value over the past two weeks, sinking by as much as three percent on Tuesday, Jan. 23, when it dipped below $39,000 for the first time since early December before recovering slightly by that afternoon's trading.
This is the first significant period of loss following speculation late last year that Bitcoin was experiencing a resurgence.
Bitcoin dipped to as low as $38,555, triggering a liquidation of $55.52 million in long positions and $27.42 million in short Bitcoin positions. These liquidations continued even after Bitcoin climbed back above $40,000 on Wednesday, Jan. 24.
Watch this episode of "X22 Report" that discusses the recent panic over the value of Bitcoin.
This video is from the channel Sanivan on Brighteon.com.
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