News

July 2021: Concerns of Disappearing Bitcoin?

July 16, 2021

The large cap digital assets, Bitcoin ("BTC") and Ethereum ("ETH"), traded over a tighter range than in May and were down for the month. Both BTC and ETH seem to be holding their month-end valuations. In comparison to a few months ago, NOW is an excellent opportunity for potential investors to enter the market. For details on how to invest with CkSum, please contact David Mickelson (dmickelson@cksumcapital.com).

Mircea Popescu, a controversial figure in the digital asset space, recently passed away from a drowning accident in Costa Rica. At the time of his death, he was said to be the largest individual holder of Bitcoin (30k-60k BTC) with an estimated valuation of over $2 billion. No one yet knows if the digital keys to his wallet are available and whether his Bitcoin are lost forever. Popescu's passing brings up an interesting topic: with only 21 million BTC ever to be mined, the total available BTC available for trading will significantly reduce as BTC owners continue to lose their private keys. Some estimates put the total BTC lost forever in the 3-4 million BTC range. If these estimates are accurate, then up to 15% of the total BTC supply could be reduced and inaccessible forever.

Scenarios such as Mircea Popescu's loss of BTC, along with the reality of managing private keys and access to digital assets, are a reminder the CkSUm Select Fund I structure provides a familiar, diversified, and secure access point into the digital asset space. By investing with CkSum, you do not have to manage private keys, digital wallets or worry about the security risks present in this complex digital asset space.

James Dougal, CEO