• Bitcoin investors are turning to self-custody due to banking sector concerns
• 70,000 BTC have been withdrawn into self-custody since the collapse of SVB on Friday
• James Van Straten is a freedom and technology maximalist, seeing Bitcoin as the greatest invention of the 21st century.
Bitcoin investors are increasingly demanding greater control over their investments with a surge in self-custody withdrawals causing significant BTC volume to leave markets. Yesterday saw one of the biggest % changes in self-custody in the past six months — while roughly 70,000 BTC have been withdrawn into self-custody since the collapse of SVB on Friday.
Why Self Custody?
Being able to control your Bitcoin is one of its advantages, as opposed to being at the whim of a bank — where you have no control of their lending capabilities. Self-custody offers users unparalleled security, as they can store their funds offline away from hackers and other malicious actors.
What Is Bitcoin?
Bitcoin is a decentralized currency that defies the sway of central banks or administrators, transacting electronically and circumventing intermediaries via a peer-to-peer network. It has become increasingly popular amongst traders and investors who seek an asset class free from government interference and manipulation.
James Van Straten’s Views
James Van Straten is a Research Analyst at CryptoSlate and passionate about data, technology, and identifying trends. He believes that Bitcoin is the greatest invention of this century as it provides users with freedom from traditional banking systems and makes them more secure through its decentralization feature.
CryptoSlate takes no responsibility should you lose money trading cryptocurrencies; buying or trading cryptocurrencies should be considered high risk activity by all parties involved in such transactions.