Rumor: The California wildfire has burned millions of Bitcoins, destroying the world's wealthiest community. The rapid blaze left the wealthy unable to retrieve their cold wallets and seed phrases in time. According to incomplete statistics, at least 1.5 million BTC are forever locked in addresses due to lost private keys.

This news is a rumor; if true, it would be a positive development as it means a deflation of 1.5 million in Bitcoin. I remember a few years ago discussing with VC friends how to ensure the security of BTC in cold wallets. They suggested writing down the seed phrases multiple times and giving copies to parents and close friends, so if forgotten or in case of an accident while flying, they could be recovered. I suggested that it's best to engrave them on a steel plate; if a fire occurs in multiple places simultaneously, the steel plate is less likely to be damaged. Although I have never engraved on steel, at least the California wildfire has reminded everyone that steel plates are useful. When houses burn down, this engraved steel plate with the seed phrase is more important than a bankbook among the ruins.