Bloomberg ETF Analyst Questions Coldcard Security Capability: A Team of About 5 Running a Critical Wallet Is "Hard to Believe"

Odaily News - Eric Balchunas, Senior ETF Analyst at Bloomberg, commented on the X platform regarding the Coldcard wallet security incident. He questioned whether a company of only about 5 people is suitable for handling such critical Bitcoin storage responsibilities, stating that the number of employees behind Coldcard "seems incredibly low." He asked whether people would be willing to entrust their life savings to a bank with only 5 employees headquartered in Canada. In the crypto industry, this might be seen as a feature, but from a traditional finance perspective, it becomes a clear risk signal.

Balchunas further stated that, in comparison, institutions like Coinbase and Ledger — which have larger teams — may have an advantage in terms of security investment and operational capability, even if users have to bear higher transaction costs. Bitcoin ETFs offer an alternative: investors can obtain security assurances provided by large, specialized, regulated financial institutions while also enjoying lower management fees.