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With news about hackers successfully stealing millions of dollars in crypto regularly making it to the headlines, securing their crypto holdings is one of the most important steps investors could make to protect their digital wealth. A Dutch family that invested everything in Bitcoin (BTC) back in 2017 reveals they safeguard their digital assets by using multiple cold storage devices scattered across the globe.
The “Bitcoin family” liquidated all of their assets in 2017 to invest in BTC, which was just trading at around $900 per coin at that time. Now that Bitcoin is trading at around $45,000 or 50 times the purchase price of crypto, the family’s undisclosed wealth has significantly risen as well.
Didi Taihuttu, the family’s patriarch, revealed that he stored the family’s crypto holdings, which include Bitcoin, Ether (ETH), and some Litecoin (LTC), in several wallets. He added that he hid them in different countries so that he won’t have to travel too far in case it becomes necessary for him to access a wallet.
“I have hidden the hardware wallets across several countries so that I never have to fly very far if I need to access my cold wallet, in order to jump out of the market,” Taihuttu told CNBC.
He revealed that two of the cold storage wallets are located somewhere in Europe, one is in Australia, one in South America, and another is in Asia. The hardware wallets are not stored in a vault below ground but are rather kept in a variety of locations that include rental apartments, self-storage sites, and even in friends’ homes.
“I prefer to live in a decentralized world where I have the responsibility to protect my capital,” Taihuttu explained.
While investors may opt to store their crypto holdings in platforms such as PayPal and Coinbase, some prefer to store them in hardware or cold wallets. Since this storage method is offline, they are deemed more secure than their online counterparts, which can sometimes be breached by tech-savvy hackers.
“If you want to store your coins truly outside of the reach of the state, you can just hold those private keys directly,” explained Nic Carter, a general partner at Castle Island Ventures and the co-founder of Coin Metrics, according to Cointelegraph. “That’s the equivalent of burying a bar of gold in your backyard.”
