🚨 Corporate Want YOUR Bitcoin! The Custody Grab Exposed | Hashpower Academy

Video Transcript:

hello there and welcome to the hash power Academy I have a message for you corporate want your Bitcoin and they’ll try anything and everything creating products markets Services Comforts in which you will hand them your Bitcoin or buy it with them and uh as Fidelity have just recently launched a crypto retirement IRA and they promote it as no fees go and check the fine print they charge 1% fee on spreads you buy with them you sell with them that’s 2% one in one out that’s a fee so I don’t know why they’re being very uh fictitious with their advertising but lo and behold these are the sorts of things that these large institutions will do they will offer they’ll offer the world they’ll offer a wall garden and the warning I can say to you is choose your next prison wisely because the key thing here is that different people of different ages are going to want different things people of a younger age that want to self- custody their Bitcoin they’re more comfortable with that idea and the lessons required there are to just go through the processes of getting a hardware wallet or having a wallet generated that’s uh in words and storing those words or memorizing those words but these these do take down take you down a different risk path versus people of a middle to older age they may have kids thinking about how they’re going to pass down their their digital wealth to their kids whether their kids are interested in Bitcoin or not that’s again education and then people of an older age that hold the majority of wealth in the world they are looking more to something that they’re familiar with having a retirement account allowing a institution to handle all their money for them and the the Comforts and conveniences of Taxation and all those other pieces of the the old world and the old world is is the key piece here that again the majority of the wealth of the world is in with people of an older age and I’ll give you a comical analogy for this when you’re when you’re mining Bitcoin when you first you use a mining machine as the analogy of a young person they’re young they’re efficient they’ve got lots of time and energy but they haven’t made any Bitcoin yet they haven’t made any money and as they get older they’re making the most amount that they can as they hit middle Ag and then you’ve got this big stack of Bitcoin and as you’re coming to the end of your your time you got you know you’re young middle-aged you’re old when you’re at this point you’re an old uh less efficient machine you’ve not got long left and you’ve got this stack of wealth and you want to do something with it these are the sorts of uh interesting analogies I can offer and and these are the sorts of things that um again if the majority of the wealth of the world is owned by people of an older age and uh that Capital flow of trillions essentially in in less productive older type of asset classes through the sort of pinhole of the 21 million supply unit firstly we’re going to see these massive changes in the price as Everyone likes to talk about in the financial world of these huge price valuations of Bitcoin you’ve also got that underlying network of energy and compute expanding underneath this that this engineered money on the top is continually easting into the value of value I say the the quantity of uh it’s dollar to Bitcoin exchange rate and the benefits of holding such assets are immeasurable and that’s what financial institutions want they’re going to play this planetary game of Hungry Hippo to accumulate all the Bitcoin they can not just through their own purchases and Acquisitions of companies in all these different layers but also um offering different products Market services to people that custody with them but you’re living in a w garden and there’s still risk because the true the true test of time is your own Bitcoin in your own wallet securing your own private Keys which is just that piece of information your ability to spend the Bitcoin that’s your power with a wallet and if you have your own Bitcoin in your own wallet your own private key um well if uh if uh you trust your kids enough you can just hand it to them so to speak but um there’s there’s it’s one of the biggest issues at the moment I think people are trying to contend with is what they are comfortable with but the key thing here is education the the the default should not be here you go large institution handle all my Bitcoin for me that’s that’s what we want to move away from and it’s good that the younger ages are more pushing for self custody and wanting to be outside the system so to speak but people of a middle age to older age they are more used to such institutions managing their capital and that that transition is not going to be perfect again if the price is going to take off um with some form of acceleration with all this massive adoption from countries and continents even uh into Bitcoin that the exchange rate from dollar to bitcoin is going to go insane what does that do it well it means it’s an incredibly valuable asset a fixed Supply planetary scale energy currency that everyone and anyone wants but the the truest test of time of how you you can keep yours whilst others want to take it is to self- custody and that starts as small as a couple hundred worth of bitcoin with a wallet and just learning it’s a learning curve that’s required you you confronted with the idea of managing your own money it may be a New Concept but if this video inspires just one person to try and attempt self- custody and play around um and and store a little bit of Bitcoin in a wallet understand the private Keys understand how it works maybe go to that next level of a multi signature setup which is essentially two keys that access uh that are required to access the same money and move it um it’s just going to be the difference between you being able to to to live in which the the Young The Young Ones like myself are going to live in the future which is a little bit more leaning on self- custody and that’s not to say that if you really don’t have a comfort of managing your own money that you want to use some form of um solution of a product Market service with one of these large institutions that offer services to to custody with them but for example Fidelity just launched a uh a crypto pension Ira promoting it as no fees and then you go and look at the uh the small print and they charge a 1% fee on all transactions 1% fee on the spread so they buy at $100 they give you $99 that’s fee so you’ve got to also understand that these different institutions are going to promote Perfection on the outside and it you really need to make the effort to understand how they make their money on the inside and it’s those sorts of things that I don’t think it’s deceptive so to speak but it’s it’s it’s not it’s what they communicate is different to what the actual reality is and those are the sorts of things that that I don’t I don’t agree with but anyway this was uh an interesting sort of different direction to go in um just exploring different thoughts and feelings as to different people where they’re at in life and what they want from the world and different uh custody Solutions the key thing is the why even if you go no I’d rather just have someone else manage it for me but you understand the why as to what self- custody is and what it’s for and those Lessons Learned and the different risk trade-offs from all these different methods thank you for listening hope you enjoy and I will see you in the next one good goodbye