The family that bet everything on bitcoin when it was $900 is now storing it in secret vaults on 4 different continents.
People who choose to hold their own cryptocurrency can store it "hot," "cold," or some combination of the two. A hot wallet is connected to the internet and allows owners relatively easy access to their coins so that they can access and spend their crypto. The trade-off for convenience is potential exposure to bad actors.
Gradwell said exchanges will also often use cold wallets to secure the crypto their customers have deposited.A recent Chainalysis report examining wallets holding bitcoin shows 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.
In the case of the Taihuttu family, 26% of Didi's crypto holdings are "hot." He refers to this crypto stash as his "risk capital." He uses these crypto coins for day trading and potentially precarious bets, like when he sold his dogecoin for a profit and then bought it back when the price of DOGE bottomed out.
Moving bitcoin to cold storage isn't a new idea. For as long as there's been bitcoin, there's been a way to store it cold. But it requires more upkeep.
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