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The Wealthy Are Hoarding $10 Billion of Bitcoin in Bunkers

• https://www.bloomberg.com, Tom Metcalf

Argentine entrepreneur Wences Casares has spent the past several years persuading Silicon Valley millionaires and billionaires that Bitcoin is the global currency of the future, that they need to buy some, and that he's the man to safeguard it. His startup, Xapo, has built a network of underground vaults on five continents, including one in a decommissioned Swiss military bunker.

In the rarefied world of wealth management, Xapo is known for a client list studded with family offices, and for occasionally letting a journalist peekinto a stronghold to write about its security. But one secret has proven elusive: how much digital cash does it really hold?

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