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Three Key Elements of Cryptography in Real Estate Planning

Stephen J. Lacy

You’ve probably heard a horror story about the massive and catastrophic loss of personal cryptocurrencies.

A recent story that has received international attention, centered on the premature death of Matthew Mellon, the heir to the bank and the former chairman of the Finance Commission of the Republican State Commission in New York. In the early days of cryptocurrency, Melon purchased $ 2 million worth of XRP, a cryptocurrency founded by the United States. Melon died suddenly in 2018 after a long struggle between bipolar disorder and substance abuse. At the time of his death, the cryptocurrency he purchased was valued at $ 500 million. Melon distributed the private keys to access this cryptocurrency to several bank vaults, but unfortunately none of them were documented. This property is currently inaccessible.

Lawyer Stephen J. Lacy: "Like other assets, cryptocurrencies need protection. Without careful planning and regular updates with your real estate planning attorney, immeasurable wealth can be lost."

This story serves as an extreme example, but as cryptocurrencies grow exponentially, such scenarios are becoming more and more common. According to a new study, 46 million Americans own Bitcoin, the most popular cryptocurrency. And frankly, people are getting rich from these investments. Last year alone, the value of Bitcoin increased astronomically by 440%. As a result, developing a real estate plan that includes crypto assets is absolutely essential.

Three Key Elements of Cryptography in Real Estate Planning

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