Banks are collapsing, people are worried about their deposits, and the regulators fell asleep at the wheel. Are we headed into another great financial crisis? More importantly, how do you keep your money safe if you can’t trust the bank?

Today, I’m going to show you exactly how to do that. It’s called self-custody, or owning your crypto.

There are about 8 billion people in the world. Only 420 million own crypto. That means about 95% of the world DOESN’T own any crypto at all. Why? Because they don’t understand self-custody.

The government owns your dollars. You own your crypto.

I’ve watched thousands of people lose all of their bitcoin (worth a fortune today) during the Mt.Gox hack in 2014. At the time Mt. Gox was the biggest crypto exchange in the world, accounting for 70% of all bitcoin transactions. Because everyone kept their bitcoins on the exchange and not in their own crypto wallets, they got wiped out.

Here’s how you prevent this from happening to you:

• Create a crypto wallet

• Transfer your crypto off exchanges and into your wallet

• Store your keys and seed phrase in a safe place

• Get a cold storage wallet for long-term storage

Banks Used to Collapse Often:

In crypto we have a saying “not your keys, not your coins” and that couldn’t be more true today with the dollar. When you deposit your money into a bank, what you expect is for the bank to keep your money safe. But the bank views your deposit as free money that they can use to make safe (sometimes risky) bets to make interest on that cash.

Banks like Silvergate, Silicon Valley Bank, and Credit Suisse used their deposits like it was monopoly money and ended up collapsing.

But there’s only one way for us to self-custody our money - keep it as cash. That’s not practical at all … you can get robbed, your home could burn down, and it’s hard to transport a significant amount anywhere.

Crypto wallets let you store crypto in your possession like cash in your wallet.

Exchanges Are Not Safe:

FTX is the modern-day version of the Mt.Gox collapse. Thousands of people thought their crypto was safe on the exchange. Most people didn’t even trade crypto on there, they just bought some bitcoin and kept it there for safekeeping.

Not only did FTX lose all the money for their depositors, they actively lied about it the entire time. And who really paid the bill for this? You (the depositor).

How-To Guide:

BONUS ⚡

Ray Dalio explains what’s happening with banks

Balaji Bets the Dollar will Hyperinflate - Bitcoin worth $1,000,000 in 90 days?

That’s it for this week!

If you liked this, do me a solid and forward it to someone who would be interested in learning about Web3. It’s the best way you can help grow The Crypto Bootcamp!

Thanks,
Kesh