30s Summary

As Bitcoin’s price approached $100,000, hardware wallet maker, Trezor, reported a 600% increase in sales. Trezor link this surge to various factors including better regulation of crypto in the US following Donald Trump’s election win and Bitcoin’s fourth halving in April 2024. On November 22nd, when Bitcoin hit $99,645, Trezor recorded its highest ever daily sales. Besides, fewer Bitcoins are being stored on exchanges as more people want to control their own crypto, suggesting a self-custody trend.

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Wow, things are going wild with Bitcoin getting close to the $100,000 price last week. Trezor, the dudes who make hardware wallets, have seen a lot more folks starting to store their own crypto. Their wallet sales have shot up by about 600% with Bitcoin’s massive price surge, hitting a record high above $99,600.

Remember when Bitcoin hit its all-time high of $99,645 on November 22nd? Well, that day was also a record-breaker for Trezor. They sold more wallets in one day than ever before, outdoing their previous high from May 2023.

So, why the huge jump in people wanting their own hardware crypto wallets? Trezor’s head honcho, Danny Sanders, reckons it’s a bunch of things. Big factors include the results of the US presidential election and a swing towards better regulation of crypto in the US.

Following Donald Trump’s win in the US election, there has been a big shift in the way that crypto is regulated in the country. What used to be seen as a bit of a hostile environment is now looking a whole lot friendlier, according to Sanders. This is making it easier for businesses to get in on the action and is encouraging more institutions to embrace crypto.

Despite all the changes stateside, Trezor hasn’t really seen much change in demand from US customers. The real difference, Sanders says, is that the improved situation in the US is pushing Bitcoin’s price to new highs, which is drawing in more people worldwide who want to control their own crypto.

But it’s not just the US election fuelling this crypto rollercoaster. Astute crypto watchers would know that Bitcoin underwent its fourth halving in April 2024, adding to expectations of a price rally. Add to that, central banks in the US and Europe pumping more money into crypto by cutting rates.

Another good sign for the self-custody trend is fewer Bitcoins being stored on exchanges. Crypto exchanges like Binance and Coinbase are seeing their Bitcoin stashes hitting a six-year low, with a whopping 427,000 BTC (around $40 billion) being withdrawn in 2024 alone, according to CryptoQuant. This tells us more people are choosing to hold their own crypto keys, aware of the risks of leaving their assets on centralized exchanges. So folks, remember – ‘not your keys, not your coins’.