Bitcoin pros speculate over possible loss of $2 billion crypto fortune after death of one large owner

Mircea Popescu, a controversial determine on this planet of crypto, boasted one of the single-biggest bitcoin
fortunes and his amassed wealth in digital property could also be misplaced to the ether after his premature death final month, some speculate.

Here’s what has been reported so far.

Popescu reportedly died off the coast of Costa Rica. Local news reports say he was “swept away by the present and died on the spot,” throughout a morning swim in Playa Hermosa de Garabito, Puntarenas.

Read: One of the biggest homeowners of bitcoin, who reportedly held as a lot as $1 billion, is useless at 41: experiences

The New York Post reported, citing feedback from Twitter, that the Romanian crypto entrepreneur’s death was confirmed by three ladies who knew him.

Popescu was considered as a pioneer in digital property and one of the earliest adopters. An article in Bitcoin Magazine written by Pete Rizzo stated that Popescu was recognized for beginning MPEx, a bitcoin securities trade, across the similar time as Coinbase Global COIN, 0.18% launched.

The Securities and Exchange Commission investigated MPex in 2014, and Popescu famously launched a collection of brash emails, the place he defiantly questioned the authority of the regulator on the time.

Some estimates peg Popescu’s bitcoin holdings at 30,000 and he has made unverified claims that he held way more. At its mid-April peak this yr, Popescu’s bitcoin holdings would have been value practically $2 billion but when estimates are correct about his holdings they’re value about $1 billion right this moment.

What is unclear is how Popescu saved his crypto? Is it in a chilly pockets, unconnected by computer systems, that solely he holds the non-public key to, or is his cache of bitcoin held with a third-party.

Some speculate that he had a personal key and that no one has entry to it, which might imply that his fortune, no matter its measurement, is misplaced on the blockchain eternally.

“Access to Mircea Popescu’s reported $2 billion in Bitcoin would solely be accessible by way of his non-public keys, whether or not he saved them digitally or in chilly storage like a bodily Bitcoin pockets,” Voyager Digital CEO Steve Ehrlich informed MarketWatch by way of e-mail.

“It’s unclear if anybody moreover Popescu has entry to these wallets,” he stated. “If there isn’t anybody who has the non-public keys to his Bitcoin storage, these cash may basically be ‘misplaced’ eternally within the sense that they may simply sit in his wallets with out the flexibility to be liquidated.”

This could also be a irritating final result for Popescu and people near him however a minimum of one particular person gave the impression to be making an attempt to be optimistic a few tragic story.

Anthony Pompliano, co-founder and accomplice at Morgan Creek Digital Assets, in a since-deleted tweet stated that the misplaced cash finally make the present provide of bitcoin extra worthwhile since there’ll solely ever be 21 million bitcoins in existence.


by way of Twitter

At final test, bitcoin costs have been altering palms at round $33,221, up 1% CoinDesk, and Ether
on Ethereum’s blockchain was buying and selling at $2,094, up marginally.

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About the Author: Daniel