Check out this official Executive Order from 1933 - it perfectly summarizes why crypto enthusiasts have such little trust in the fiat money system. With fiat, the government can seize your money at any time. President Franklin Delano Roosevelt issued this order during the Great Depression as part of an effort by the U.S. government to confiscate the gold of its citizens and turn these gold assets over to the U.S. central bank in exchange for paper money (in this case, the government offered $20.67 per ounce of gold, but the amount was completely arbitrary). The final deadline to turn over all confiscated gold was May 1.
Thus, while the rest of the world might have celebrated May 1 as May Day, crypto enthusiasts recognize this date for a different reason.
And, wait there's more...
According to popular myth, April 5 is the unofficial birthday of Bitcoin creator Satoshi Nakamoto. That's no coincidence. If you read the Executive Order carefully, April 5 was the issue date of the Executive Order, so it's clear that the timing of this Executive Order had very great symbolic value for Nakamoto. And, even more interestingly, the year of Nakamoto's birth is surmised to be 1975. That, too, is not a coincidence - it was the year that U.S. citizens were once again allowed to possess gold legally.
The takeaway lesson, though, is clear. May 1, 1933 is a very significant date for crypto enthusiasts - almost as significant as the next major date that many are looking forward to - Bitcoin Pizza Day!
Image available for Fair Use via Wikimedia Commons