A youthful crypto enthusiast is proposing that bitcoin owners should consider writing a will to prevent possible loss of crypto funds upon their demise.
In a story run by BBC yesterday, January 7, Jack Davies, a native of Penarth, Vale of Glamorgan, said he’s seeking to ensure that crypto funds he owns and that of his family remain accessible in the event that any holder dies. However, the 23-year-old young man was quick to point out that he is not contemplating dying at this age.
“I’m not thinking of dying at this age, but I think just making that as easy as possible for everyone is crucial,” Davies said.
Based on research figures, Davies’ proposal has good reason to back it. The crypto community has lost up to 3.8 billion Bitcoin, an equivalent of $30 billion or 22.8 billion pounds. Most of the amount went to the grave with the holders, who did not share how their kin would retrieve the assets
Cryptocurrency, though volatile and risky investment, continues to grow in popularity with each passing day. According to a Cardiff-based firm Coin Cover, the asset should be safeguarded beyond the grave.
The company is the first to create cryptocurrency wills.
“Cryptocurrency is one of those odd things which is very private for a lot of people. If you acquired yours early, you might actually have a substantial amount of money….And nobody thinks they are going to die. Nobody plans for that eventuality. And therefore, when that happens, maybe you haven’t told your family members exactly how they should recover it,” said David Janczewski, CEO of Coin Cover.
Coin Cover has developed an indestructible card for crypto holders with information about their digital assets. In the event that a holder dies, his or her loved ones can use a unique number on the card to contact the firm together with a death certificate. An executor can use the card for the same purpose. Upon submission of the unique number, the firm can investigate and do the retrieval process.
Cases of crypto funds getting lost when a holder dies are not new. In 2018, the owner of a Canadian crypto exchange QuadrigaCX died suddenly and all the funds in the exchange could not be retrieved. It led to a loss of more than $135 million in customer funds. Overall, the proposal by the crypto enthusiast could just be one of the many alignments that should take place in the crypto space.