Romanian bitcoin billionaire and crypto exchange founder, Micrea Popescu, died suddenly, aged 41, leaving behind more than 1bn Bitcoin tokens. It is understood that he was behind the drive to keep Bitcoin from changing block size from 1MB to 2MB. He threatened to dump tokens onto the market, causing a crash in the price of Bitcoin if the block size was changed.
A driving force in the Bitcoin market, Popescu’s crypto wallet may now be lost forever; this could cause a global effect on the price of Bitcoin. It is not yet known whether a will was left or what will now happen to his Bitcoin fortune.
Don’t bury your Bitcoin!
Was he too young to make a will and consider what would happen to his assets, including his crypto currency? The short answer is no.
As covered in my ‘Crypto assets‘ article, passing away without leaving instructions on how to access your Bitcoin or other crypto assets could leave loved ones in a difficult position. Protecting such assets could be of significant value – subject to market fluctuations – so it is important that they aren’t left inaccessible.
Not everyone understands or would be able to manage your crypto currency on death; they are very much a 21st century asset and as a result, your choice of executors is paramount. Your digital footprint not only includes crypto currencies but also your social media and digital accounts such as your iTunes account, Facebook account and air miles.
Like any other investment, you should consider how you wish these items to be dealt with on your death and how they are to be factored into your estate.