Bitcoin IOU's (BlockFi, Robinhood, GBTC, PayPal)

In this video, I discuss various Bitcoin custodial solutions like BlockFi, Robinhood, GBTC, and PayPal. If you buy or hold your Bitcoin using one of these custodians, you do not control your private keys, and hence do not truly own the Bitcoin.

Any of these accounts can be frozen. Bitcoin deposits at these institutions may not be fully reserved or fully backed by real BTC. Even if they are and there is a hack, the company's insurance may not cover the full loss.

Bitcoin is digital gold. Like a gold bar, it is a final settlement layer and bearer asset. If you control your own private keys, you actually own the Bitcoin.

Long-term Bitcoin hodlers should explore self-custody solutions, like holding your BTC on a hardware wallet like the Trezor:

https://trezor.io/

Not investment advice! Consult a financial advisor.

BlockFi risks:
https://help.blockfi.com/hc/en-us/articles/360048862572-How-does-BlockFi-custody-assets-What-are-the-risks-with-depositing-my-crypto-at-BlockFi-

Recovery seed:
https://wiki.trezor.io/Recovery_seed

How to withdraw your BTC from Coinbase Pro:
https://help.coinbase.com/en/pro/managing-my-account/funding-your-account/funding-your-account-with-cryptocurrency

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I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
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