A family that "went bankrupt": bought Bitcoin for $900, invested all their belongings, and bought more this year
In 2017, a legend appeared in the currency circle, that is, a big brother named Didi Taihuttu in the Netherlands, with his wife and three children, liquidated all the family's property and exchanged them all for Bitcoin.
1. Going bankrupt to buy Bitcoin, the crazy Bitcoin family
They took out the profitable company, the large house of more than 200 square meters, the car, clothes, and even the children's toys, leaving the family with very few "survival supplies" according to the minimum needs, and then exchanged all the property for Bitcoin. Didi Taihuttu's family was called the "Bitcoin family" by the media at the time.
Then he took his family to start a global "poor tour". In three years, they traveled to 40 countries/regions, and they were still preaching their support and belief in Bitcoin during the trip.
At that time, Didi Taihuttu's family was ridiculed as crazy and mentally ill, and after a long bear market, Didi Taihuttu's family's choice made people at the time feel absurd and incomprehensible.
However, recently, the situation has changed.
Bitcoin has been rising one after another, breaking new highs and even touching the $20,000 level. Didi Taihuttu and his family have confirmed their three-year "belief" with facts.
Three years ago, when he was the focus of the world for his bankruptcy and investment in Bitcoin, he said: "This experiment will continue until 2020. I believe that in these three years, our assets will at least triple."
Didi Taihuttu did it.
Bitcoin did it.
The story of this family is more like a common comfort for people who are struggling in the bear market.
2. The cost was as low as $900. He bought when it plummeted, but he did not sell when the price of Bitcoin rose.
In an interview with CNBC, Didi Taihuttu, who is already 42 years old, said: "We got involved in Bitcoin because we wanted to change our lives."
When the price of Bitcoin plummeted in 2018, Taihuttu sucked more Bitcoin into his portfolio. He said that he always believed that the cryptocurrency was ready for a big rebound. “I think in this bull cycle we’re going to see a minimum peak of $100,000. I wouldn’t be surprised if it hits $200,000 by 2022.
In early 2017, Taihuttu bought most of the bitcoins he currently holds for $900. Not long after, the bull market in mid-December 2017 came, and bitcoin once soared to $20,000. But Taihuttu did not give up his belief in bitcoin, and he continued to buy bitcoin at high points. But it only lasted for a month, and the price of bitcoin fell by half, followed by the huge bear market in 2018. Now people in the currency circle still can't forget the horror of being dominated by the bear market when they think back, and the Taihuttu family, who put all their belongings in the bet, is even more difficult.
But the Taihuttu family is worthy of being a firm evangelist of bitcoin investment. In an interview, he said: "When bitcoin falls, we start buying more."
When asked how he views the current rising market and whether it is another round of extreme bubbles, Taihuttu said: "I don't think demand will fall." "I think we are facing a supply crisis."
As Buffett said, "I am afraid when others are crazy, and I am greedy when others are afraid." As a more recognized investment product, Bitcoin has gained the favor of more and more well-known investors and institutions this year.
3. Unlike 2017, "institutional bulls" as the main force give people confidence in the currency circle
Part of the difference between Bitcoin's rebound in 2020 and 2017 is that institutional investors are now buying Bitcoin, and the industry is also improving in standardization, legitimacy and stability. The increase in institutional investment has helped Bitcoin wash away some of the "unsafe" labels that have been entangled.
"The rally in 2017 was largely driven by retail investors, while this year we have seen a large influx of corporate entities and institutional wealth managers," said Mati Greenspan, investment manager and manager of Quantum Economics.
Old-school billionaire hedge fund managers Stanley Druckenmiller and Paul Tudor Jones have publicly stated that they hold Bitcoin, and large fintech companies like Square and PayPal are also embracing crypto products.
The acceptance of the mainstream investment community is very important for the value of Bitcoin. Because cryptocurrencies like Bitcoin are not supported by fundamentals and lack the trust and endorsement of the government. In the eyes of most people, they are valuable because people believe in its value.Just like the choice of Taihuttu family.
But now, Bitcoin has entered the investment basket of institutional whales, and the confidence of people in the currency circle has returned.
The story of Didi Taihuttu's family has gone from crazy to envied, but there is a warm and cozy ending.
For Taihuttu, the development of Bitcoin is not just about making money. He has donated half of the money to charity, and his family of five has been traveling around the world together for the past four years, spreading the bright future of decentralized digital currency to the world.
