The Bitcoin Family Down Over 1 million USD on their investment this year
Last June, the so-called “Bitcoin Family” lost more than $1 million on their bitcoin investment since the world’s most popular digital coin peaked at around $69,000 in Nov. 2021.
“That’s the bitcoin life,” said CNBC patriarch Didi Taihuttu. With more 31k followers on Instagram and almost 63k followers on YouTube, everything started in 2017 when this family from the Netherlands sold everything they owned, trading a 2,500-square-foot house and virtually all their earthly possessions for bitcoin and a life on the road.
Creating a crypto community
They enjoyed life in more than 40 countries, deciding they lay down some roots in Portugal - which is one of the last places in Europe with a 0% tax on bitcoin - opening the first ever bitcoin-beach bar in Lagos, Portugal.
His plan is to get all the beach front vendors to adopt the Lightning Network, which is a low-fee and almost instantaneous payments platform. But the wind, at the end, changed.
After crypto's latest fall, the family lost more than $1 million on their bitcoin investment.
As Taihuttu confirmed to CNBC, it has been rough months and bitcoin continues to trade under pressure, but “I’m buying bitcoin daily. For me, the lesson I learned in 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”.
The crypto market has been going through a very rough phase with severe liquidations and insolvencies.
Amid massive withdrawals, exchanges also have been facing huge liquidity crises. Bitcoin has already dropped 70% from its all-time high in November 2021.
But Taihuttu still has positive vibes.
“Slowly, people will understand that being in bitcoin and HODLing is more profitable than always trying to catch that altcoin that will go times thousands”, added Taihuttu.