A Dutchman sold everything that he owned for Bitcoin and moved his family to a campsite forecasting a cryptoboom. He claimed that he was waiting for the next “boom” in cryptocurrencies. 39-year-old Didi Taihuttu moved his family to a campsite outside of Venlo, Netherlands. He put his house up for sale along with his car, motorbike, and other possessions. He even sold off his children’s toys and other consumer durables. Bitcoin and Blockchain eliminate the use of banks or a building society for approval of payments and other financial transactions as all the transactions are recorded on a computer. The man believed that the technology is eliminating the role of the third party and there is much moolah to be made from the upcoming currency.
According to reports published in Business Insider, Didi Taihuttu said, “People will say, ‘You’re crazy’. The Internet was a revolution for information. I think that Blockchain and cryptocurrency are revolutionizing the monetary system. In five years’ time, everyone will say: ‘We could have seen it coming’. I am responding to this change now,” he said defending his shocking decision. Didi Taihuttu is an IT specialist and has a wife and three daughters. They have just returned from a nine-month trip to Australia and Asia and during this trip abroad he was much taken in by the fellow traders who inspired him to take up crypto-trading.
Didi Taihutti calls himself an entrepreneur and said, “I am an entrepreneur, so when I first heard about Bitcoin, I said: let’s do this.” This is not the first time that he has heard or made use of cryptocurrencies. He had previously set up a Bitcoin mining business with the help of a network of computers and video cards. In 2013 when the price of Bitcoin increased to several hundred euros he sold his entire stock oblivious of the fact that the Bitcoin will increase further. He said, “If I had known then that four years later it would have been ten times more valuable, then, of course, I wouldn’t have sold everything. But then I thought: ‘I have to make a profit’.”
As his overall portfolio took a plunge he invested in Dogecoin, an emerging currency but it did not help him as it did not have a lucrative run in the market. “I’ve had a tremendous amount of it, but that coin was worth nothing. The portfolio that I had at the time was perhaps worth 200 euros,” he told. He left the currency idle but on his travels abroad he was advised to check on the dormant currency shares. His ailing currency shares had risen to twenty times its original worth. Didi Taihutti said, “That Dogecoin made me realize again: There is something going on in the world. This is no coincidence, I thought. So I went back into it again.” His property has been sold to a cryptocurrency trader under reservation and fetched him 85 bitcoins which equals a whopping €300,000 or £269,000.