“I prefer to live in a decentralized world where I have the responsibility to protect my capital”, said Taihuttu.
In a move to safeguard his Bitcoin assets, Taihuttu, famous for how he joined the association and his wife, saved the key to their crypto value across four different continents. According to Taihuttu, he liquidated all of the assets belonging to him and his family and bought Bitcoin in 2017, at a time when it was trading at around $900.
He continued that he has hidden the hardware wallets across several countries so that he never has to fly very far if we need to access his cold wallet of more succinctly, to jump out of the market/
Taihuttu has two hiding spots in Europe, another two in Asia, one in South America, and a sixth in Australia.
“We aren’t talking buried treasure – none of the sites is below ground or on a remote island”, the family told CNBC. It was also revealed that the crypto stashes are hidden in different ways and a variety of locations, ranging from rental apartments and friends homes to self-storage sites.
“I prefer to live in a decentralized world where I have the responsibility to protect my capital”, Taihuttu added confidently.
Meanwhile, a recent report indicates that 11.8 million bitcoin is in the hands of long-term investors, 3.7 million is lost, another 3.2 million is circulating among traders, and the remaining 2.4 million have yet to be mined.
According to Philip Gradwell, chief economist of Chainalysis, a blockchain data firm, we can guess which wallets are cold storage – as they have particular behaviors, like receiving large amounts of crypto from a single source and not sending any for a long time until they are emptied all in one go – but you cannot definitively tell that a wallet is being used as cold storage.
In the current scenario playing out with the Taihuttu family, 26% of Didis crypto holdings are hot, an indication that the stash is his risk capital through the trades during the day for per with the potentials to go south.
Even though the family has refused to comment on the number of cryptos it holds, aside from this, the remaining part of Taihuttu’s stash is kept in cold storage, or hardware wallets, across four continents, in Bitcoin, Ethereum, and Litecoin. Incidentally, these three coins are all in the midst of yet another climb higher. In the last three weeks, they have recorded a climb of 57%, 83% and 61%, respectively.
Cold storage requires a lot more permissions to access it, whether it be in a bank vault or whether it be buried in the Andes mountains, said Van Phu, a software engineer with crypto fintech start-up Floating Point Group.
Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.