Bitcoin (BTC), not just a means of making money..."A tool to protect assets"

▲ Bitcoin (BTC), cryptocurrency wallet/ChatGPT generated image

A claim has emerged that Bitcoin (BTC) is not a means to get rich quickly, but a tool to protect assets accumulated over a lifetime of work. The co-founder of Ledger stated that he realized the difference between asset ownership and direct control through his experiences with bank deposits and gold storage.

According to the cryptocurrency media outlet Benzinga on July 5 (local time), Ledger co-founder Eric Larchevêque stated that his experiences in the traditional financial system built his conviction in Bitcoin. He mentioned losing access to funds after a Latvian bank went bankrupt. He also couldn't directly retrieve gold bars deposited in a Luxembourg bank. The bank sold the gold and transferred euros.

Larchevêque said, "Bitcoin solves the problem of owning your own money." He pointed out that bank balances are claims against financial institutions. In contrast, self-custodied Bitcoin is a final asset directly controlled by the owner. He significantly increased his Bitcoin holdings around 2014. Since then, he has allocated most of his liquid net worth to Bitcoin.

He warned that self-custody also comes with personal responsibility. Larchevêque emphasized that the 24-word recovery phrase should never be shared. He also stated that large holders should avoid environments where their entire assets can be directly accessed from home.

He also mentioned physical security risks. Ledger co-founder David Balland was kidnapped and tortured. The perpetrators demanded a Bitcoin ransom of 10 million euros from Larchevêque. Larchevêque stated that the incident highlighted personal safety issues for prominent cryptocurrency holders.

Larchevêque advised general investors not to simply follow his asset concentration strategy. He suggested a strategy of regularly accumulating Bitcoin with funds not needed for daily living. He said, "The only successful Bitcoin investors I know are those who forgot about Bitcoin."

[Article Key Summary]

-Eric Larchevêque evaluated Bitcoin as a tool to protect assets accumulated through labor.

-Larchevêque stated that he realized the difference between asset ownership and direct control through his experiences with banks and gold storage.

-He presented a long-term strategy of regularly accumulating Bitcoin with funds not needed for daily living.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*