Bitcoin approached its all-time high of $100,000, the demand for self-custody solutions such as Trezor’s hardware wallets reached new heights. The company announced a staggering 600% spike in weekly wallet sales, coinciding with Bitcoin’s price climb to a historic high of $99,645 on November 22. This jump in demand for Trezor’s devices exemplifies the growing trend of individuals gaining ownership of their own crypto assets, particularly as knowledge of the risks of centralized exchanges increases.
Danny Sanders, Trezor’s chief commercial officer, attributed the surge in purchases to a combination of events, including Bitcoin price movement, the recent US presidential election, and increased interest in safeguarding digital assets. The election resulted in a shift in the US regulatory framework, which Sanders believes will be more favorable to bitcoin businesses and drive wider institutional use.
Furthermore, Bitcoin’s forthcoming halving event in April 2024 has boosted market confidence. Bitcoin’s price has historically increased around six months after halving, contributing to the momentum behind its current climb.
The significant fall in Bitcoin reserves on centralized exchanges is a clear indicator of increasing self-custody adoption. Sites like Binance and Coinbase took over $40 billion in Bitcoin in 2024 alone, indicating a shift toward asset storage in more secure, self-controlled wallets.
As the bitcoin market evolves, Trezor’s record sales reflect a broader trend toward decentralization and the growing need for self-custody solutions for protecting digital assets. We anticipate an increase in demand for secure storage options as Bitcoin approaches new milestones and regulatory certainty approaches.
