Because of its nature, gold was always centralized - causing invasions or repricing. (Zero sum game and a win for the attacker or person repricing) at the expense of the population.
Executive Order 6102 (1933 gold confiscation) proved your point — physical concentration created a single-point-of-failure that governments exploited. Bitcoin's divisibility and digital bearer nature makes that impossible. But does ETF custody centralization recreate the same structural vulnerability through a different vector?
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