The History Behind Trezor
Money is built on trust. When trust breaks, nations collapse and lives are ruined. Trezor, the world’s first and largest Bitcoin hardware wallet company, was born from such a loss of trust. Its story is not a typical Silicon Valley startup tale. It is a story of survival and resistance against government betrayal.
During the launch of the new Trezor Safe 7, the event displayed a powerful message: “No government touches my Bitcoin.” This was more than a slogan. It was a promise shaped by history.
Trezor CEO Matěj Žák began his speech by recalling a dark chapter that explains why Trezor exists. For him, self-custody is not just a feature; it is a responsibility.
A Nation Robbed in 24 Hours
The story starts in Czechoslovakia in 1953, a country under Soviet control and communist dictatorship. On May 29, the president declared on national radio that there would be no monetary reform. This was false.
Within 24 hours, the government launched a secret monetary reform. The old Czechoslovak koruna was declared invalid overnight. Citizens had to exchange their money for new notes printed in the Soviet Union.
- Only 300 korunas per person could be legally exchanged.
- The exchange rate was 5:1, causing an 80% loss of savings.
- Bank savings were wiped out at rates up to 50:1.
- Life insurance and government bonds became worthless.
Nearly 98% of people’s wealth disappeared overnight. Ordinary citizens lost everything, while party members converted their savings in secret. Protests were met with violence, imprisonment, and death. This event remains the largest state-backed financial theft in Czech history.
The Birth of Financial Resistance and Trezor
This tragedy created deep distrust of centralized power in the Czech people. Matěj Žák said, “Czechs have historically grown a pretty strong skepticism towards the establishment. It truly runs deep in our DNA.”
Those who built Trezor heard these stories from their families. When the 2008 global financial crisis hit, they understood Bitcoin not as speculation but as economic survival and peaceful revolution.
In 2013, Prague engineers faced a new problem: how to truly own Bitcoin. Exchanges could freeze funds, and computers could be hacked. Cold storage was complex.
They created Trezor, the world’s first Bitcoin hardware wallet. They also invented the first human-readable Bitcoin recovery backup—a set of 12–24 English words anyone could secure and remember.
Today, over 300 million people use this recovery standard. Trezor made it open source and free for all. Matěj Žák said, “Any of those 300 million users don’t have to trust me, they don’t have to trust Trezor.” This reflects a philosophy born from a history of government betrayal.
Why Trezor Champions Self-Custody
Trezor is more than a device. It is a defense against repeating history. The CEO highlighted three facts:
- Eight countries this century erased savings through hyperinflation or monetary reform.
- More than 700 private banks collapsed in the last 20 years.
- Centralized exchanges are vulnerable to hacks and government freezes; ETF Bitcoin is not real ownership.
Trezor promotes self-custody over dependence. Their motto is “Not your keys, not your coins.” This is not just marketing but a response to past betrayals.
A Mission Rooted in History
Matěj Žák concluded, “My grandparents in 1953 didn’t have a choice. They didn’t have Bitcoin or the means to protect it. But today we do.”
Trezor was built by survivors of history, not just entrepreneurs. They believe wealth should belong to people, not governments, banks, or corporations.
At the event, Trezor also unveiled the Safe 7, a next-generation security device. However, the real story is their mission: to ensure no government can erase a lifetime of savings again.
