A Brazilian man was arrested in Amsterdam this month for travelling with 15 kilos of gold bars in his luggage. According to reports, the 27-year-old man was detained for failing to declare the gold to customs, and after his explanation for travelling with this amount was deemed insufficient, was arrested under suspicion of money laundering. This incident drives home the key value proposition of cryptocurrency: confiscation-resistant digital assets. While precious metals have long served as a store of wealth that can not easily be devalued through artificial supply increases, they remain physical assets that must be physically stored and transported, and are therefore vulnerable to physical confiscation. Attempting to travel with your life savings in gold, for example, will likely prove difficult and cumbersome, and put you at risk of robbery or confiscation. Cryptocurrencies are stored on immutable digital ledgers on a decentralized network of computers all over the world, and can’t simply be taken by force. Cryptographic keys which grant access to coins are a different story, but they can be easily stored or hidden on any number of electronic devices, with backups able to be written down on a piece of paper or even memorized. This gives them a much better chance of being safely and secretly stored and transported than precious metals.
Man Arrested in Amsterdam for Transporting Gold.
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