Key facts
- Chris Seedor purchased a graphics card for 1,500 BTC in 2011.
- The value of 1,500 BTC today would exceed $90 million.
- Seedor co-founded Bitsurance to provide insurance for self-custodied Bitcoin.
- Bitsurance policies cover risks such as fire, flooding, physical attacks, and robbery.
- Liberty Specialty Markets underwrites Bitsurance policies.
- Coverage limits are up to €500,000.
Chris Seedor, an early Bitcoin adopter who famously spent 1,500 BTC on a graphics card in 2011, has launched a new venture called Bitsurance. The company aims to provide insurance coverage for self-custodied Bitcoin against various threats, including theft, fire, flooding, physical attacks, and robbery.
Seedor, who received Bitcoin from a friend while a university student, initially did not foresee its value. He has since become dedicated to Bitcoin, even designing a stainless steel seed phrase backup called the Seedor wallet. This interest in Bitcoin security and storage inspired the creation of Bitsurance.
The insurance policies offered by Bitsurance are underwritten by Liberty Specialty Markets, a part of Liberty Mutual Group. The company addresses concerns like the "$5 wrench attack" and cites incidents in France where individuals have been targeted for their cryptocurrency. Bitsurance offers coverage up to €500,000, with claims compensated in fiat currency.