Didi Taihuttu, his wife and three children invested all their assets in the world’s most popular cryptocurrency three years ago.
In 2017, this Dutch family of 5 sold all assets, from a profitable business to their 230 square foot home and shoes, to buy Bitcoin and start a life of wandering around the world. sex. Now, after nearly four years, the Taihuttu family has traveled to 40 countries and still has no significant bank accounts, homes, or personal belongings. All their savings are tied to virtual currencies with huge price fluctuations.
“We introduced Bitcoin because we wanted to change our lives,” said the 42-year-old father.
When the Bitcoin price plummeted in 2018, Taihuttu bought more. He said he has always had a strong belief in Bitcoin’s strong rebound. “I think with this upward momentum, the minimum should be at least $ 100,000. I wouldn’t be surprised if the price goes up 200,000 by 2022,” he said.
Earlier this week, the price of Bitcoin hit a record high of $ 19,920 per coin. Some analysts say there is plenty of room for cryptocurrencies to move forward.
Mike Novogratz – CEO of investment firm Galaxy Digital said this momentum is just the beginning. He predicted that Bitcoin could hit $ 60,000 next year. Tom Fitzpatrick, CitiFXTechnicals Global Director, thinks the charts indicate Bitcoin may hit $ 318,000 by December 2021.
Taihuttu bought most of its current Bitcoin in early 2017, when it was still around $ 900. By the end of that year, the price was nearly $ 20,000 per dong. Even when Bitcoin peaked, they still didn’t sell. When the bubble burst and prices pushed back to $ 3,000 in early 2018, they weren’t too scared. “When prices fell, we bought more,” Taihuttu said.
Asked if he is concerned that this wave is another bubble, Taihuttu said, “I don’t see a drop in demand. I think we are still headed for a supply crisis.”
Many experts also share this opinion with him. They interpret the current upward momentum differently than in 2017. More institutional investors have embraced Bitcoin, giving it more and more foothold in the financial sector and also less investment risk.
“The increase in 2017 is mainly due to individual investors. This year there will be the arrival of institutions and fund managers,” said Mati Greenspan – Portfolio Manager at Quantum Economics. Billionaires like Stanley Druckenmiller and Paul Tudor Jones both own Bitcoin. Major fintechs such as Square or PayPal all have crypto-related products.
“When PayPal starts selling Bitcoin to 350 million users, they will have to buy Bitcoin somewhere,” Taihuttu said. “There will be a massive supply crisis as not enough new Bitcoins are mined every day to meet the demand.
Demand from institutional investors will not slow down either. Six out of ten investors in a June Fidelity poll said they would add cryptocurrencies to their portfolio.
BlockTower Capital’s Mike Bucella said in an interview with CNBC that new individual investors are missing out on Bitcoin’s rally this year. “If you look deep into the derivatives market, you will see that most of the influx has gone from crypto exchanges in 2017 to more organized platforms, such as the CME. This time it is the investor’s game organized,” she said.
Of course, not all individual investors miss out. Taihuttu deposited hundreds of thousands of dollars in Bitcoin in 2017 and has almost kept its wallet.
2020 may be different from 2017, but Bitcoin is also an asset and will fluctuate with cycles. It certainly won’t be immune to major corrections.
However, with Taihuttu, the Bitcoin game is not entirely profitable. He donated half of his fortune to charity. His family of 5 has also traveled the world for the past 4 years to instill confidence in decentralized digital currencies.
Ha do (According to CNBC)