People who own cryptocurrency probably want to make sure there’s someone to receive it if they’re no longer around. The coronavirus has everyone scared about what will happen; are their lives at stake? Will they survive? Crypto startups like Casa and Unchained Capital are now helping enthusiasts ensure their loved ones receive their crypto stashes in the events of their demise.
Casa and Unchained Capital See Surge in Activity
It’s a morbid thought, but companies like Casa and Unchained Capital say they’ve witnessed a huge surge in business over the past couple of weeks. Many people are worried that if they pass on without a named recipient of their bitcoin or cryptocurrency holdings, their digital funds will ultimately be lost to time and space.
Will Cole – the chief product officer of Unchained – commented in an interview:
We’ve seen more demand [than at any other time] in our history over the past month for vaults. Many vault customers set up trust or other inheritance-supported entities.
The coronavirus, according to news sources, has claimed over 14,000 lives across the globe at the time of writing. In addition, more than 300,000 cases have emerged in all corners of the world. Many are wondering what would happen to their money in the event of an untimely passing.
The good news is that bitcoin cannot technically be transferred to anyone without a private key. Thus, it cannot necessarily be seized outright by a government agency or other organization. However, it’s still in danger of being “lost” or unclaimed should the right person not obtain the key in question.
Nick Neuman – the CEO of Casa – says that many new customers interested in purchasing crypto through the startup specifically ask about its inheritance services. He states that the number of individuals requesting such services has tripled between the months of January and March, and that it’s most popular product at press time is its inheritance Diamond wallet.
Neuman claims that he’s looking to add new features to the wallet so people can potentially upgrade to gold and platinum levels depending on their specific needs:
We allow clients to hold their own private keys and securely pass their bitcoin on to their heirs in the case that doing so is necessary so that clients don’t ever have to relinquish control of their bitcoin to a third party.
While it may be an uncomfortable subject, many analysts tell crypto enthusiasts to really consider where their assets should go, and to take the time to ensure they always fall into the right hands.
It’s a Rough, but Necessary Thought
Alex Bosworth – engineer at Lightning Labs – wrote on Twitter:
It’s not nice to think about, but it may [be] prudent to have a detailed plan for what will happen to your bitcoin when you die.