LETTER #19: SELF-CUSTODY IS IMPORTANT.
If you have bought it but don't self-custody it, it's not yours.
Today was another day and another lesson for everyone on the importance of self-custody of your financial assets.
“If you don’t hold it, you don’t own it.” This statement is not an exaggeration seeing what has been happening over the past few weeks.
Last week, America and its allies decided to freeze Russia’s US$630 billion worth of foreign reserves that Russia could have used to support its currency (ruble). This means they can’t use their money until the West allows them to.
The West didn’t stop here.
Today, another news broke out which stated, “Four U.S. senators are introducing a bill to place sanctions on Russia’s gold.”
“By sanctioning these reserves, we can further isolate Russia from the world’s economy and increase the difficulty of Putin’s increasingly-costly military campaign,” the senators explained.
This is not something that is happening for the first time.
Historically, America has seized the foreign reserves of countries like Iraq, Iran, Syria, Yemen, Venezuela.
And recently, Afghanistan, when Biden signed an executive order to seize their US$7 billion worth of foreign reserves. This will lead to widespread hunger for a country that was already facing economic collapse after the Taliban takeover.
The main point I want you to focus on is that if you don’t have possession of your financial assets, they can be taken away from you at any time.
Russia is already learning this lesson a hard way.
Other countries can learn from Russia’s mistakes and start considering the self-custody of their assets.
The average citizen, too, should not take their stock portfolio, real estate, numbers in the bank account for granted, as the government can take them away from you whenever they please.
Once again, all roads lead to Bitcoin. It’s the only thing that one can truly take self-custody of. Don’t leave your coins on exchanges.
Learning to self-custody is far easier than learning to use the Internet. Everyone can do it, in my opinion.
You should trust no one when it comes to financial assets. Learn from Russia. Self-custody your assets.
Thanks for reading.
Can’t wait to talk to you again tomorrow.
FINAL THOUGHT…
Never use toothpaste that has fluoride in it.