##Bitcoin Breaks Above $12,000 After David Portnoy and MicroStrategy Venture into BTC

 

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According to the chart from TradingView, Bitcoin has now gone above the $12,000 mark. Bulls have made it after dominating the market recently, but there have been a few major factors that may have pushed Bitcoin above this line.

Bitcoin goes up after Portnoy and MicroStrategy bet on it

As covered by U.Today recently, Barstool Sports founder and internet celebrity, David Portnoy, invited the Winklevoss twins to his place to let them tell him what Bitcoin (and crypto in general) is and how it works.

The twins, Bitcoin billionaires, pitched BTC to Portnoy successfully, as he immediately opened his laptop and acquired both BTC and Chainlink. Among the arguments that he heard was that Bitcoin is superior to gold, since Elon Musk and NASA plan on mining gold and other precious metals in space from asteroids.

Thus, Bitcoin, according to Cameron and Tyler Winklevoss, is the most scarce asset in the galaxy and gold’s supply is likely to be infinite.

MicroStrategy lays hands on Bitcoin

Another likely reason for Bitcoin's surge above $12,000 is that, last week, a major publicly-listed Nasdaq company—software giant Microstrategy—announced that it had got hold of $250,000,000 worth of Bitcoin.

The company decided to allocate this amount of cash to a safe haven asset and decided that Bitcoin can definitely be that, thus acknowledging BTC as a legitimate inflation hedge.

##How to keep your Bitcoin safe and secure

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With over $1 billion in Bitcoin stolen to date, it's vital to keep yours secure. There are a wealth of wallet options, depending on your requirements.




In brief

With over $1 billion in Bitcoin stolen to date, the need for secure storage options has never been greater.


Options for storing your Bitcoin include hardware wallets, metal wallets, software wallets and exchange wallets.


Each Bitcoin storage solution has its own advantages and disadvantages, but there are many options depending on your needs.


Keeping your Bitcoin safe might seem like a simple task, but as a myriad of thefts, phishing attacks, and exchange hacks prove—it's easier said than done.


The majority of Bitcoin holders use one of four main types of cryptocurrency wallet: hardware, software, metal, and exchange wallets. Some are better than others for keeping your Bitcoin safe, but there are many ways to maximize your security regardless of which option you choose



When it comes to keeping your Bitcoin private keys secure, hardware wallets are widely considered to be the safest option. Hardware wallets are physical security vaults that are designed to protect your Bitcoin (and other cryptocurrencies) from a range of possible attacks, while also ensuring you can access and spend your cryptocurrencies with relative ease.


Hardware wallets vary considerably in form, function, and price. They range from the $49 KeepKey wallet, to the $119 Bluetooth multi-asset Ledger Nano X, and $120 Bitcoin-centric Coldcard Mk3 and beyond.



This has led to some ingenious workarounds to protect and secure the recovery phrase from prying eyes, including writing it in UV-sensitive ink under a dummy phrase,  and even dividing the recovery phrase up between several safety deposit boxes.



Software wallets


Software wallets are one of the most popular ways to store Bitcoin among mobile users, since many can be used to manage a wide variety of cryptocurrencies from most mobile devices. There are also desktop versions of many software wallets, allowing users to manage their own private keys on Linux, macOS, and Windows.





Some of the most popular Bitcoin wallets are software wallets, including Electrum, Jaxx Liberty, and Exodus—all of which are available for both desktop and mobile operating systems. However, even the most secure options lack some of the security features of hardware wallets.


In order to maximize your security with a software wallet, we recommend picking one that features two-factor authentication (2FA). It's also important to ensure you're protected against viruses, keyloggers and other malware, since these can exfiltrate your private keys and seed phrases if not blocked.




Metal wallets are physical metal plates or devices that can be used to securely store recovery phrases, private keys, and potentially other sensitive information offline. Since they're constructed out of metal, they are inherently fireproof and corrosion-resistant, while some, like the Cryptosteel and Cypherwheel, are also crush-resistant.


Unlike the other options on this list, metal wallets are not designed for actually using Bitcoin or other cryptocurrencies. They simply act as a means to store secret information in a more robust way than an insecure paper wallet. They're more resilient than even the most robust hardware wallets, and several feature built-in anti-tamper mechanisms. They're most useful for long-term storage in a secure location, since they won't afford you instant access to your funds.


Cryptocurrency exchanges

Cryptocurrency exchanges have much to recommend them, including instant access to funds, plus the ability to quickly trade your Bitcoin for other cryptoassets. However, compared to other methods of storing your Bitcoin, they are generally considered to be a less secure option. Well over 1 million Bitcoin—currently worth almost $1 billion—has been stolen from exchanges, according to a 2019 report by blockchain analytics firm Chainalysis.


They are also custodial, which means they hold custody of any fund stored in their accounts, leaving users without access to their private keys. "Not your keys, not your Bitcoin" is a common refrain among those cryptocurrency advocates who reject the idea of storing their crypto on an exchange. Of course, it's worth noting that many exchanges, including the major ones such as Gemini, Coinbase and Bittrex, are insured—protecting users against a range of threats including insider theft and cyberattacks.


Despite their limitations, exchanges remain an extremely popular way to store cryptocurrencies, due to the simple fact that they're typically convenient and easy to use.



They also differ in their security stack, including their use of cold storage and account-side security features. We'd recommend sticking to exchanges that use multi-signature cold storage and offer two-factor authentication for accounts. Some exchanges, such as Binance, also let you use a hardware key for 2FA, adding an additional layer of security.