Have you ever walked into a room to grab something…
Only to forget what it was as soon as you enter the room?
It happens to the best of us.
Usually it’s something simple, like a phone charger, a pen, or your glasses.
And eventually you remember what it was and it only costs you a second trip back into the room.
At most, it’s annoying.
But sometimes you completely forget what it was…
And you never remember.
Now imagine if you forgot something really valuable.
Something like $300 million in cash.
I know what you’re thinking…”You can’t misplace that kind of money.”
If it were in a physical form, I’d say you had a point.
However, if that same $300 million were in cryptocurrency — which is just as irreplaceable as physical cash — I’d say you have a major problem on your hands.
A 30 year old computer programmer named Stefan Thomas recently found himself in possession of $300 million that he can’t touch.
See, back in 2012, Stefan created an animated video teaching customers how Bitcoin works.
Only slightly ironic, right?
For his time and effort, he was paid 7,002 Bitcoin instead of cash.
As we all know, Bitcoin has grown a little in the last several years.
So, what’s stopping Stefan from accessing this roughly $300 million payday?
He’s not using the magic word, and it’s not “please.”
See, when you trade Bitcoin and other cryptos directly, you have to set up a digital wallet to hold/trade your currency.
This “wallet” is basically your crypto specific trade account…
And it’s password protected.
Now Stefan had 10 attempts to enter the correct password.
After the 10th unsuccessful attempt, his account will be locked out.
He currently has two attempts left.
We’re rooting for you, buddy.
When I first saw this story, I thought, “This has to be luckiest, most unlucky guy in the world.”
I was wrong. Turns out there’s quite a few more people out there in the same boat as Stefan.
There’s an estimated $140 billion — yes, that’s a “b” — dollars worth of Bitcoin floating around in cyberspace, just waiting to be claimed.
These unfortunate investors can’t access or remember their passwords, either.
It’s even more depressing when you read it out loud.
I recently wrote an article where I covered some of the hurdles that investors typically go through to get into Bitcoin.
It’s certainly not an impossible or even difficult task to set up a digital wallet…
But as we see, there are certain considerations to going that route.
There are a lot of reasons to invest in Bitcoin.
At this moment, there are about $31,400 reasons to get into Bitcoin.
And that’s per share.
The value of Bitcoin lies in the underlying technology itself: blockchain.
From a cybersecurity standpoint, blockchain is virtually “unhackable.”
This is a great feature when protecting your millions from bad guys, but not so great when you’ve lost the keys to the kingdom.
And since Bitcoin isn’t a physical thing, in a physical location, there’s no lock to break, no vault to access and no manager to speak to.
So, what can you do if you want to invest in Bitcoin, but don’t want to end up like Stefan?
You’ve got a couple of options.
You can set up a digital wallet.
Just make sure that you create a strong, secure password that can’t be guessed by the bad guys.
But for the love of all that is holy, put that password in a safe place that you can access in case you ever forget it!
A safety deposit box at your bank might be a good idea.
Or, as I mentioned a few weeks ago, you can invest in Bitcoin via the Grayscale Bitcoin Trust (GBTC).
It trades like ETFs and other more traditional stocks. The beauty is that there’s no digital wallet or password to keep up with.
You’ll have unfettered access to your millions, unlike our friend Stefan.
It kind of reminds me of the old phrase:
“If a tree falls in the forest and there’s no one to hear it, does it make a sound?”
If you have millions of dollars but can’t touch it… are you actually a millionaire?
Wish him luck.
If you’d like to get bigger and better returns on your other trades, take a look at my Insider Report service.
I track the money moves of corporate insiders and pass these valuable trades along to my members, often resulting in triple-digit gains.
We’ve already taken substantial profits in the first few weeks of 2021, and I’ve got more trades that I’m currently vetting…
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