The Bitcoin family has seen its investment fall by more than $1 million since the $69,000 cycle top. However, dad Didi Taihuttu remains bullish, and continues to buy, believing that the number one crypto is bottoming out.
Back in 2017, Didi Taihuttu sold his house and all his possessions, trading them to buy bitcoin at a price of around $900 per coin. Then he, his wife and children, took to the road to live their dream life.
Possibly what has helped most to allow the family to continue living their life of paradise is that Taihuttu has managed his bitcoin holdings well, selling portions at the peaks and then looking to buy in again in the depths of the crypto bear markets.
Now is the time, according to Taihuttu. He told CNBC recently that he was now buying daily.
“I’m buying bitcoin daily,” Taihuttu told CNBC by phone from a beach in Lagos, Portugal. “For me, the lesson I learned the last two cycles is — when the whole world is freaking out and when everybody is thinking that bitcoin will crash, I am slowly zooming out, and I’m buying bitcoin.”
He also said that the important price level for him was when the bitcoin price fell to $55,000. It was at that time back in November that he sold 15% of his family’s bitcoin.
Reportedly, Taihuttu studies the price charts and follows indicators such as the Mayer Multiple. What he has gleaned leads him to believe that bitcoin will bottom out around $15,000 to $20,000, before rising again to a price prediction of around $140,000 by 2025.
The Taihuttu family, with Dutch extraction, has spent the last six years travelling the world, but after visiting 40 countries they decided to put down some roots, and they now live in Portugal, which has a 0% tax on bitcoin.
Didi Taihuttu runs a bitcoin bar on a beach in Lagos. Here he hopes to spread the bitcoin word and “lead by example”. His plan is to get all the beachfront vendors to adopt the Lightning Network, which is a low-fee and almost instantaneous payments platform.
The family bitcoin strategy is to keep 70% of their bitcoin holdings in cold storage, while the rest is in hot wallets and includes bitcoin and stablecoins such as Tether, USCD, and DAI. This latter wallet allows the family to spend on their everyday needs, while the cold wallets are said to be hidden in 6 places across 4 continents.
Taihuttu has also bought a lot of the family bitcoin over-the-counter, which means that governments, nor even friends, know exactly how much bitcoin the family owns.