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Bitcoin pros speculate over possible loss of $2 billion crypto fortune after death of one large owner
By Mark DeCambre
Last Updated: July 3, 2021 at 12:51 p.m. ET
First Published: July 2, 2021 at 3:55 p.m. ET
Mircea Popescu, a controversial figure in the world of crypto, boasted one of the single-biggest bitcoin BTCUSD, -5.84% fortunes and his amassed wealth in digital assets may be lost to the ether after his untimely death last month, some speculate.
Here’s what has been reported thus far.
Popescu reportedly died off the coast of Costa Rica. Local news reports say he was “swept away by the current and died on the spot,” during a morning swim in Playa Hermosa de Garabito, Puntarenas.
The New York Post reported, citing comments from Twitter, that the Romanian crypto entrepreneur’s death was confirmed by three women who knew him.
Popescu was viewed as a pioneer in digital assets and one of the earliest adopters. An article in Bitcoin Magazine written by Pete Rizzo said that Popescu was known for starting MPEx, a bitcoin securities exchange, around the same time as Coinbase Global COIN, 0.18% launched.
The Securities and Exchange Commission investigated MPex in 2014, and Popescu famously released a series of brash emails, where he defiantly questioned the authority of the regulator at the time.
Some estimates peg Popescu’s bitcoin holdings at 30,000 and he has made unverified claims that he held much more. At its mid-April peak this year, Popescu’s bitcoin holdings would have been worth nearly $2 billion but if estimates are accurate about his holdings they are worth about $1 billion today.
What is unclear is how Popescu stored his crypto? Is it in a cold wallet, unconnected by computers, that only he holds the private key to, or is his cache of bitcoin held with a third-party.
Some speculate that he had a private key and that no one has access to it, which would mean that his fortune, whatever its size, is lost on the blockchain forever.
More details in https://www.marketwatch.com/story/bitcoi...=home-page
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Just an aside related to this: with digitisation of statements and insurance and trading accounts, it is becoming essential that someone knows your list of digital assets or emails to even know where to start when there is a mishap, vs in the past there are always clues in the physical documents.
New challenges for will and estate planning.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
Think Asset-Business-Structure (ABS)
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https://www.cityam.com/amazon-definitely...s-insider/
Quote:Amazon ‘definitely’ lining up Bitcoin payments and token, confirms insider
Bitcoin +12% on news.
“If you buy a business just because it’s undervalued, then you have to worry about selling it when it reaches its intrinsic value. That’s hard. But if you can buy a few great companies, then you can sit on your ass. That’s a good thing.” - Charlie Munger
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https://www.cnbc.com/2021/05/24/billiona...tcoin.html
Quote:Billionaire Ray Dalio says he owns bitcoin, and its ‘greatest risk is its success’
"Personally, I’d rather have bitcoin than a bond."
“If you buy a business just because it’s undervalued, then you have to worry about selling it when it reaches its intrinsic value. That’s hard. But if you can buy a few great companies, then you can sit on your ass. That’s a good thing.” - Charlie Munger
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27-07-2021, 11:27 AM
(This post was last modified: 27-07-2021, 11:28 AM by brattzz.
Edit Reason: info.
)
(05-07-2021, 11:52 PM)specuvestor Wrote: Just an aside related to this: with digitisation of statements and insurance and trading accounts, it is becoming essential that someone knows your list of digital assets or emails to even know where to start when there is a mishap, vs in the past there are always clues in the physical documents.
New challenges for will and estate planning.
i supposed governments can start statutory databases for it's citizens and keep the e-filings pdfs for them using tax-payers money...
GOV/GLCs-Data centers...  just like CPF board handles it's members' accounts..
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR!
4) In BULL, SELL-SELL-SELL!
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my question is crypto HODLers: What if PRC Govt turns off electricity to the miners farms, then who is going to upgrade the ledger? And how long it takes to update?
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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27-07-2021, 12:03 PM
(This post was last modified: 27-07-2021, 01:17 PM by Wildreamz.)
(27-07-2021, 11:56 AM)opmi Wrote: my question is crypto HODLers: What if PRC Govt turns off electricity to the miners farms, then who is going to upgrade the ledger? And how long it takes to update?
Haven't they done it already? https://www.forbes.com/sites/kenrapoza/2...0d8d43e9e4
Quote:China’s Bitcoin Mining Drama Is Over. Why Is Bitcoin Still A Dud?
“If you buy a business just because it’s undervalued, then you have to worry about selling it when it reaches its intrinsic value. That’s hard. But if you can buy a few great companies, then you can sit on your ass. That’s a good thing.” - Charlie Munger
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https://www.coindesk.com/amazon-no-we-ha...n-payments
Quote:Amazon: No, We Have No Plans to Accept Bitcoin Payments
BTC down 8.5% from recent peak.
“If you buy a business just because it’s undervalued, then you have to worry about selling it when it reaches its intrinsic value. That’s hard. But if you can buy a few great companies, then you can sit on your ass. That’s a good thing.” - Charlie Munger
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George Soros’ fund owns bitcoin, CEO confirms
* The family office owns “some coins … but not a lot,” Dawn Fitzpatrick, CEO and chief investment officer of Soros Fund Management, said in an interview at a Bloomberg event this week.
* “I’m not sure bitcoin is only viewed as an inflation hedge here,” Fitzpatrick said. “I think it’s crossed the chasm to mainstream.”
* Fitzpatrick went on to explain how cryptocurrencies now have a market value of over $2 trillion, with over 200 million users.
Sam Shead
PUBLISHED THU, OCT 7 20216:08 AM EDT
Soros Fund Management, the asset management company founded by billionaire investor and philanthropist George Soros, has revealed that it owns the cryptocurrency bitcoin.
The family office owns “some coins … but not a lot,” Dawn Fitzpatrick, CEO and chief investment officer of Soros Fund Management, said in an interview at a Bloomberg event this week.
Soros Fund Management, which is renowned for making large profits on traditional currency investments, did not immediately respond to a CNBC request for comment when asked how many bitcoins it owns and when it bought them.
“I’m not sure bitcoin is only viewed as an inflation hedge here,” Fitzpatrick said. “I think it’s crossed the chasm to mainstream.”
Fitzpatrick went on to explain how cryptocurrencies now have a market value of over $2 trillion, with over 200 million users.
More details in https://www.cnbc.com/2021/10/07/george-s...firms.html
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Bitcoin hovers near 6-month high on ETF hopes, inflation worries
Reporting by Hideyuki Sano in Tokyo and Tom Westbrook in Singapore; Editing by Vidya Ranganathan and Sam Holmes
October 18, 2021 1:29 PM +07
TOKYO, Oct 18 (Reuters) - Bitcoin hovered near six-month highs on Monday in anticipation of the listing of the first futures-based bitcoin exchange-traded funds (ETF) in the United States, which investors hope will boost cryptocurrency trading volumes.
If the U.S. Securities and Exchange Commission (SEC) does not object, the ProShares Bitcoin Strategy ETF completes a 75-day period since the fund manager filed plans and could begin trading on Tuesday.
Other fund managers could list bitcoin ETFs in the coming days and weeks, and that could lead to wider investment in digital assets.
The world's largest cryptocurrency last stood at $62,288 , near Friday's six-month high of $62,944 and not far from its all-time high of $64,895 hit in April.
Ether , another popular token used on the Ethereum blockchain, was traded around $3,866 and has been rising in tandem with bitcoin since mid-September.
"The news of a suite of futures-tracking ETFs is not new to those following the space closely, and to many this is a step forward but not the game-changer that some are sensing," said Chris Weston, head of research at Pepperstone in Melbourne, Australia.
"We've been excited by a spot ETF before, and this may need more work on the regulation front."
Among fund managers who have applied to launch bitcoin ETFs in the United States are the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds.
The Nasdaq on Friday approved the listing of the Valkyrie Bitcoin Strategy ETF. Grayscale, the world's largest digital currency manager, is planning to convert its flagship product, the Grayscale Bitcoin Trust (GBTC.PK) into a spot bitcoin ETF, CNBC reported on Sunday.
More details in https://www.reuters.com/technology/bitco...021-10-18/
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