A family that bet on Bitcoin in 2017 has revealed its secrets to safeguard the asset now that its price has increased by around 5,000%.
The storage plan of this Dutch family of five includes a series of secret locations spread over four different continents.
In 2017 the ‘Bitcoin family’ liquidated all its assets and bet on BTC when it was trading around USD 900. Considering that BTC is trading at over $ 45,000 today, its undisclosed fortune is substantially higher.
The patriarch of the family, Didi Taihutt, explained that he has hidden the hardware wallets in several countries so you don’t have to fly far if you need to access an offline wallet.
Speaking to CNBC, he revealed that there were two hiding places in Europe, two more in Asia, one in South America and a sixth in Australia.
There were no secret underground bunkers, he added, and the physical locations ranged from rental apartments and friends’ houses to self-storage places. “I prefer to live in a decentralized world where I have the responsibility to protect my capital “he explained.
Hardware wallets are a popular way to store crypto assets “offline”, however the owner is fully responsible for the private keys and there is no one to turn to in the event of theft or loss. Castle Island Ventures General Partner and Coin Metrics Co-Founder Nic Carter explained:
“If you want to store your coins really out of the reach of the state, you can just save those private keys directly. That’s the equivalent of burying a gold bar in your backyard, “
An alternative is to use the escrow services offered by some large exchanges, such as Coinbase and now PayPal.
For a combination of the two methods, Jack Dorsey’s Square is building a hardware-assisted wallet and escrow service “to make Bitcoin escrow more popular”, as Cointelegraph reported on July 9.
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 that don’t want to go all in at the green bottom lines like we did ☺️ https://t.co/E79D14MMp5
– ₿ Didi Taihuttu ₿AM (@Diditaihuttu) August 5, 2021
Buy $ 50 worth of Bitcoin every week. Within 4 years you have invested USD 10,000, which then will probably be worth 5 times your investment, USD 50,000! That’s why DCA is a good solution for people who don’t want to jump right into the green baselines like we did ☺️
According to CNBC, 74% of Taihuttu’s total crypto portfolio is in offline storage and the remainder in online wallets for quick access and trading. He does not use banks or post offices as he considers them too riskyas you fear the loss of assets in bankruptcy.
Taihuttu does admit that some centralized offline storage companies offer a great advantage in the event of the death of the holder:
“They have nice montages for the inheritance. When you die, these companies take care of that too, and I really think they’re doing a great job. “
The family’s fortune crypto includes Bitcoin, Ethereum, and some Litecoin.