39-year-old Didi Taihuttu moved his family to a campsite near Venlo in the Netherlands after selling his house, car, motorbike, toy and other family possessions. Bitcoin and Blockchain, currency technology eliminates the need for a third party, such as banks, to approve payments because the computer network keeps track of all transactions. The Dutch thinks that this technology transforms the role of banks in society – and that the emerging currency can do more.
“People say: You are crazy,” said Taihuttu for Business Insider. “The Internet was a revolution for the world of information. I think Blockchain and cryptos will be a revolution for the currency system. In five years, everyone will say: We could have seen it. I am reacting to this change now, “he said about his decision to take a huge risk.
An IT specialist, his wife and three daughters have just returned from a nine-month trip through Australia and Asia. During these journeys, he met his colleagues with tradesmen who inspired him to take part in the crypto trade. “I’m an entrepreneur, so when I first heard about Bitcoin, I said, I’m going to do it.”
But this is not the first time Taihuttu joined the world of cryptocurrency. He also had a Bitcoin mining company that has mined the cryptocoins through a network of computers and graphics cards. When the Bitcoin price climbed in a few hundred euros in 2013, he sold all of his stock without realizing that the price would still grow well in the future.
“If I knew, that four years later the price would be ten times higher, then I would not sell everything, of course,” said the businessman. “But back then I thought, I have to make a profit.”
After not being able to pay his bills when his portfolios went down, he invested everything into Dogecoin, a new currency that did not do well in the markets. “I had a huge amount of those, but it wasn’t worth anything at that moment. The portfolios I had were around 200 Euros”, he said.
However, during his travel, he was advised to look at his undervalued monetary shares – only to find that the currency had reached twenty times its previous value. “I realized because of Dogecoin: something is going on in the world,” said the businessman. “It’s not a coincidence, I thought, and I went back to that.”
His property was allegedly sold for 85 Bitcoins – which at the time of sale was about $360.000 euros. This step is certainly courageous, but the question is whether it pays off or not. Currently the price of bitcoin is around $16.000, meaning that value of Taihutto’s property increased nearly four times to $1.360.000.