
What are the Negatives of Investing in Cryptocurrency?
What happens when all of a corpse’s money is in his cold wallet?

What happens when all of a corpse’s money is in his cold wallet?

If you’re merely dipping your toe in cryptocurrency, it can be hard to imagine your crypto as something worth talking to an estate attorney about. But that $100 in fun money could grow to a significant percentage of your total investments, sometimes overnight.

Crypto assets can be lost forever without proper storage and estate planning. When it comes to cryptocurrency, safe and secure transfer is paramount, meaning basic estate planning documents, like a will, often won’t be enough.

Today, so many aspects of our lives are managed virtually. We keep currency, photos, music, documents, bills, medical records, artwork and even our social lives online or ‘in the cloud.’

What Is Cryptocurrency? Why Has It Been So Popular?

While cryptocurrency isn’t new, it’s attracted a lot of attention in the past year because of its skyrocketing value, promotion from prominent figures like billionaire Elon Musk, and bitcoin offerings from traditional financial firms like Morgan Stanley.

Bitcoin has gone in value from less than one cent in 2010 to a high of $20,000 in 2017, to a value at the end of July 2020 of nearly $11,000. Now the U.S. Congress is holding hearings on the digitization of the dollar, so cryptocurrency has become an increasingly important financial tool for individuals and businesses.