Bitcoiners participate in Proof of Keys by taking possession of all bitcoins held by third parties. “By demanding and taking possession of their assets, individuals will learn real fast with blockchain proof whether they are part of the elite HODLers or not,” reads the movement’s website. “Proof of Keys is the annual HODLer initiation.”

Proof of Keys is a celebration of our monetary sovereignty,  explains Trace Mayer, host of The Bitcoin Knowledge Podcast. “We do that by actually flexing our monetary sovereignty muscles. We show how strong we are and we do that by proving the keys.” What’s that mean?

more info about the annual event: https://www.forbes.com/sites/justinoconnell/2020/02/17/bitcoin-investor-trace-mayer-others-want-to-take-your-monetary-sovereignty/#65066f4b509e

“We run a full node and we hold our own private keys to our Bitcoin and any other crypto, ether, litecoin, et. cetera,” said Mayer. “And we withdraw all of our crypto from any third party, from any exchange, from any lending service, from anywhere.”

Mayer believes Proof of Keys teaches us a key lesson. “We don't necessarily know who the bad actors are until we start flexing those [monetary sovereignty] muscles,” he said. “So, Proof of Keys is how we do that. Centralized third parties having giant stockpiles of Bitcoin and crypto goes against the decentralization characteristics or nature [of blockchain].”

These centralized third parties become honeypots, targets for hackers. “Whether those hackers are elicit actors or whether those hackers are governments or lawyers or regulators trying to look for fines, compliance costs––or stuff like that––is very dangerous.”

He encourages people to dig up their old Bitcoin accounts with exchanges and withdraw their bitcoin. “See if you can get it,” he goads. “See if they'll actually process the withdrawal and send [your bitcoin] to you.”