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. "He 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."
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. "What 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.
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