Four years after a family had invested their all in Bitcoin, it has now revealed how it securely safeguards the asset. The Taihutt family revealed that their holding in the crypto asset has spiked by 5000% times, while naming secret locations in four continents as destinations of their hardware wallets.
The Dutch family of five liquidated all their assets to invest in Bitcoin when the flagship crypto-assets was trading around $900, since then, the value of the coin has increased by multiple folds and it is now trading over $45,000.
Speaking to CNBC, Didi Taihutt, the head of the family, revealed he has hidden spots for his hardware wallets across several countries, including two in Europe, one in South America, two in Asia, and lastly, one in Australia.
Didi added that most of the spots are rental apartments, friends’ homes, and self-storage sites. He explained that there are no secret underground bunkers. According to him: “I prefer to live in a decentralized world where I have the responsibility to protect my capital.”
Hardware or cold wallets gives crypto-asset full authority and control of the private keys, and nobody can be held responsible for any loss. While speaking on it, Castle Island Ventures general partner and Coin Metrics co-founder Nic Carter explained:
“If you want to store your coins truly outside of the reach of the state, you can just hold those private keys directly. That’s the equivalent of burying a bar of gold in your backyard,” or use custodial services alternative provided by companies like Coinbase, Paypal, and more.
Per the CNBC report, about 74 percent of Taihuttu’s total crypto portfolio is in cold storage, while the remainder is in hot wallets for quicker accessibility and trading. He doesn’t use any of the traditional financial systems, which he considered too risky.