A family that bet all their assets and assets on Bitcoin (BTC) in 2017 revealed its secrets to protect its fortune now that its equity has increased by about 5,000%.
The Dutch family’s storage strategy includes a series of secret locations spread across four different continents.
In 2017, the “Bitcoin family” liquidated all their assets and assets and invested the full amount in BTC. At the time, the cryptocurrency was worth around $900. Today, with the BTC trading above $45,000, the value of the family’s undisclosed fortune is substantially higher.
Family patriarch Didi Taihuttu revealed that he hid hardware wallets containing family assets in several countries. Thus, I would never have to make long journeys when it was necessary to have access to a cold wallet.
Speaking to CNBC, he revealed that there are two hideouts in Europe, another two in Asia, one in South America and a sixth in Australia.
There are no secret underground bunkers, he added. The locations range from apartments for rent, friends’ houses and own storage places. “I prefer to live in a decentralized world where I have a responsibility to protect my capital,” he explained.
Hardware, or cold, wallets are a popular way to store cryptoactives “offline”. However, the owner is fully responsible for your private keys and there is no one to turn to in case of theft or loss. Nic Carter, a partner at Castle Island Ventures and co-founder of Coin Metrics, explained:
“If you really want to store your coins out of state reach, you can simply keep your private keys directly. That’s the same thing as burying a gold bar in your backyard.”
An alternative is to use the escrow services offered by large brokers such as Binance or Coinbase, which PayPal will now also offer to its users.
For a combination of the two methods, Jack Dorsey’s Square is creating a hardware-assisted portfolio with escrow service “to make Bitcoin escrow more popular,” as reported by the Cointelegraph on July 9th.
Just buy $50 worth of # Bitcoin every week. In 4 years time you invested $10,000 which then probably has a value of 5 x your investment, $50,000!! That’s why DCA is a good solution for people who don’t want to go all in at the bottom lines like we did ☺️ https://t.co/E79D14MMp5
— ₿ Didi Taihuttu ₿AM (@Diditaihuttu) August 5, 2021
Just buy $50 in #Bitcoin weekly. In 4 years you will have invested $10,000, which will probably be worth five times your investment: $50,000!! That’s why DCA is a good solution for people who don’t want to invest all their wealth like we did ☺️
According to CNBC, 74% of Taihuttu’s total cryptoactive portfolio is stored in cold portfolios. The rest remain in hot portfolios that allow quick access and immediate trading possibilities. He does not use banks or post offices as he considers them too risky. You could lose your assets in case of bankruptcy or other inconveniences.
Related: What happens to your Bitcoin when you die?
Taihuttu admitted that some centralized custody companies offer a great advantage in the event of the holder’s death:
“They have beautiful devices for inheritance. When you die, these companies deal with it too, and I really believe they are doing a great job.”
The crypto family fortunes include Bitcoin, Ether (ETH) and some Litecoin (LTC).
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