Man sells everything he has for Bitcoin as he pre-empts the ‘ultimate cryptoboom'

Didi Taihuttu moves family to a campsite as he awaits a change in the role of banks in society

Joseph Gamp
Wednesday 11 October 2017 15:14 BST
The cancellation of last week’s bitcoin upgrade has left users to choose between the two versions of the cryptocurrency
The cancellation of last week’s bitcoin upgrade has left users to choose between the two versions of the cryptocurrency (Reuters)

A man upped sticks, sold everything he had for Bitcoin and moved his family to a campsite after claiming that he is waiting for the next "boom" in cryptocurrencies.

Didi Taihuttu, 39, moved his family to a campsite outside of Venlo in the Netherlands, after putting his house on the market along with other possessions including his car, motorbike, children's toys and other family consumables.

Bitcoin and Blockchain, the technology behind the currency, eliminates the need for a third party such as a bank or building society to approve payments, as a network of computers keeps a record of all transactions.

The Dutchman believes that the technology is transforming the role of banks in society - and that there is more to be made from the emerging currency.

"People will say, 'You're crazy,'" Taihuttu told Business Insider.

"The Internet was a revolution for information. I think that Blockchain and cryptocurrency are revolutionising 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 of his decision to take the huge gamble.

The IT specialist, his wife and three daughters have just returned from a nine-month trip through Australia and Asia. During these travels he met fellow traders who inspired him to become involved in crypto-trading.

US Bitcoins draw interest of corporations

"I am an entrepreneur, so when I first heard about Bitcoin, I said: let's do this."

It’s not the first time he has encountered the world of cryptocurrencies. He set up a physical Bitcoin mining business using a network of computers and video cards.

As the price of the Bitcoin rose to several hundred euros in 2013, he sold his entire stock, unaware that the price was set to rocket up further.

"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," told the entrepreneur. "But then I thought: 'I have to make a profit'."

After struggling to pay his bills as his overall portfolio plunged he invested everything into Dogecoin, an emerging currency that, at first, did not perform well on the markets.

"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.

However, during his travels he was advised to check in on his ailing currency shares – only to discover that the currency had soared to twenty times its previous worth.

"That Dogecoin made me realise again: There is something going on in the world," the entrepreneur said.

"This is no coincidence, I thought. So I went back into it again."

The property has reportedly been sold under reservation to a cryptocurrency trader for the price of 85 bitcoins - the equivalent of €300,000 (£269,000).

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