Man who spent 1,500 BTC on graphics card now helps insure bitcoin holders
The bitcoin Chris Seedor spent on a graphics card in 2011 would be worth more than $90 million today. Fifteen years later, the Bitsurance co-founder and CEO helps protect other people's self-custodied BTC from theft, fire and other threats.
"I famously own the most expensive graphics card in the world," Seedor told The Block during an interview at BTC Prague. "I bought a graphics card for a little less than 1,500 bitcoin in 2011."
A mechanical engineer, Seedor said a friend gave him the bitcoin while he was a university student, and at the time, he didn't think much of the nascent digital currency. "H
e gave me tons and tons of free Bitcoin," says Seedor. "I didn't see any use for it because I live in Germany and PayPal is a thing and I didn't have a drug habit or something."Those days are now far in the past; Seedor has since become dedicated to Bitcoin. That interest helped inspire him to design a stainless steel seed phrase backup, called the Seedor wallet. Over the course of more than six years, the project eventually grew into a proper business venture, called Seedor.
Seedor calls the steel backup he created "the most primitive form to store the most advanced sound money."
Bitcoin insurance
Now, Seedor also wants to help bitcoin holders protect themselves from unfortunate events by selling them insurance coverage for BTC on hardware wallets. The company, called Bitsurance, insures clients' bitcoin against things like fire and flooding, along with physical attacks and robbery.
"
I always had this fear of the $5 wrench attack," he said. "W hat if somebody comes to my house, kicks my door and threatens me or my family? What do I do in that scenario?"Seedor cited problems with people in France suffering from violent attacks as criminals seek to rid them of their crypto. In one case, the wife of Sebastien Borget, co-founder of the Ethereum-based virtual world The Sandbox, was targeted in a kidnapping attempt at the couple's home in France.
Bitsurance policies are underwritten by Liberty Specialty Markets, which is part of the Liberty Mutual Group. If a customer makes a claim on lost bitcoin, they are compensated in fiat. Seedor's firm offers coverage of up to €500,000, he said.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
ECB to launch tokenized euro for institutional markets in September
Since the Outbreak of the US-Iran War, Sovereign Debt Costs in Developed Countries Have Soared; G7 Has "Borne" $16 Billion
If high yields persist until the first quarter of 2027, this figure will expand to $34 billion. The energy supply crisis triggered by the closure of the Strait of Hormuz is one of the main drivers behind this round of rising yields. Combined with structural pressures such as increased defense spending, an aging population, and AI infrastructure, the upward trend in yields may become a long-term pattern.
For the first time in over a month! U.S. airstrikes Iran's Larak Island, oil prices surge in response
On August 30 local time, the U.S. military launched a new attack on Iran after more than a month, carrying out airstrikes on two Revolutionary Guard facilities on Larak Island. In retaliation, Iran fired missiles towards Jordan. Oil prices surged in response, with Brent crude temporarily exceeding $90 per barrel. Meanwhile, several senior U.S. military commanders warned internally that continued operations against Iran would be unsustainable, as only about a quarter of U.S. Navy destroyers are combat-ready. After six months of conflict between the U.S. and Iran, the situation has reached a stalemate, negotiations have broken down, and both sides are under pressure.
Crypto prices
More
