A family who invested heavily in Bitcoin in 2017 revealed their secret of protecting assets because its price has risen by about 5,000%.
The storage plan for the Dutch family of five includes a series of secret locations on four continents.
In 2017, the “Bitcoin family” liquidated all assets and went all-in when the BTC transaction price was approximately $900. Today BTC is trading at more than $45,000, and their undisclosed wealth is much greater.
The head of the family, Didi Taihutt, explained that he hides the hardware wallet in multiple countries, so if he needs to use a cold wallet, he doesn’t have to fly far.
say NBC Finance ChannelHe revealed that there are two hiding places in Europe, two in Asia, one in South America, and a sixth in Australia.
He added that there are no secret underground bunkers, and the physical locations range from rental apartments and friends’ houses to self-service storage locations. “I prefer to live in a decentralized world, where I have a responsibility to protect my capital,” he explained.
Hardware or Cold wallet It is a popular way to store encrypted assets “offline”. However, the owner is fully responsible for the private key. In case of theft or loss, no one can ask for help. Nic Carter, general partner of Castle Island Ventures and co-founder of Coin Metrics, explained:
“If you want to store your coins in places beyond the reach of the country, you can directly hold these private keys. This is equivalent to burying a gold bar in your backyard,”
Another option is to use the custodial services that many large exchanges (such as Coinbase and now PayPal) will provide.
For the combination of these two methods, Jack Dorsey’s Square is building auxiliary hardware wallets and custodial services As Cointelegraph reported on July 9th, “make Bitcoin custody more mainstream”.
Only need to buy $50 worth of #Bitcoin weekly. In 4 years you have invested 10.000 USD, then its value may be 5 times your investment, 50.000 USD! ! This is why DCA is a good solution for those who don’t want to go all-in on the green bottom line like us ☺️ https://t.co/E79D14MMp5
-₿ Didi Big Hutu ₿AM (@Diditaihuttu) August 5, 2021
According to CNBC, 74% of Taihuttu’s entire crypto portfolio is in cold storage, while the rest is stored in hot wallets for quick access and transactions. He does not use banks or post offices because he thinks they are too risky and fears that they will cause asset losses if they go bankrupt.
Taihuttu does acknowledge that some centralized cold storage companies provide major benefits in the event of the death of the holder:
“They have beautiful inheritance settings. When you die, these companies will also deal with this problem, and I really believe they did a good job.”
The crypto wealth of the family includes Bitcoin, Ethereum and some Litecoins.