Upon its release in 2009, the world’s first cryptocurrency, Bitcoin was worth next to nothing, valued at only $0.0008. In 2021, we saw the “king of crypto” surge to beyond $60,000 per single coin but it took a massive rollercoaster of major highs and lows to get there. One thing that most investors agree on is that cryptocurrencies are highly volatile, yet investors flock to invest in them for their long-term growth potential and because they believe in the decentralized future that cryptocurrencies propose.
The Man that Invested his “All” in Bitcoin
With their highly volatile nature, cryptos are now known to attract both short-term traders and long-term investors. However there was one “early” bitcoin investor, in particular, that garnered major media attention back in 2017. His name was Didi Taihuttu and he became a media sensation when he decided to sell his businesses, liquidate all his assets, and put everything he owned into Bitcoin. Taihuttu sold all his belongings, including his business ventures, his house, his cars, even his children’s toys. He then purchased a van so his family could set off for their new life of nomad travel and invested everything else into Bitcoin.
Taihuttu bought the bulk of his bitcoin holdings when it was trading at around $900 in early 2017, just months before it reached nearly $20,000 a coin.
Four years, a massive crypto-boom and a global pandemic later and Taihuttu is still long on bitcoin. Today, he continues to travel the world with his wife and three children, with their adventures being entirely funded by Bitcoin. They’re known as the Bitcoin family, and they live a decentralized, nomadic lifestyle.
They have already traveled to over 40 countries and have no bank accounts, no house, and nearly no personal possessions. All of the family’s savings remain tied up in highly volatile cryptocurrencies. Even as bitcoin peaked, the family stayed invested in the cryptocurrency. Once the price tumbled down to about $3,000 in early 2018, Taihuttu and his family weren’t deterred. “When bitcoin dipped, we started to buy more.” Taihuttu reveals.
Taihuttu Sees Bitcoin Hitting $200,000 by 2022
“We stepped into bitcoin because we wanted to change our lives,” said the 42-year-old father of three. When the price of bitcoin collapsed in 2018, Taihuttu added even more crypto to his investment portfolio. He says he was always a firm believer that the cryptocurrency was poised for a major rebound. “I think in this bull cycle, we are going to see a minimal peak of $100,000. I won’t be surprised if it hits $200,000 by 2022.” he commented in an interview with CNBC.
Taihuttu also pointed out the inherent flaws of the banking system, highlighting the need for a different way of doing things. If the 2008 global financial crisis taught us anything, it’s that big banks are not trustworthy monoliths of the financial world. With the benefits of no banking fees, no transaction wait times, and a lack of reliance on government agencies, Bitcoin looks to be a strong contender.
As far as Didi Taihuttu is concerned, Bitcoin is the future. Perhaps one day his story will become the norm.
Bitcoin’s Scarcity Value
The surge in interest from mainstream financial players for bitcoin hasn’t just reformed the crypto market’s image, it also created a supply shortage for major cryptocurrencies. There is a strictly limited supply of bitcoin and other big market cap altcoins available in the market, so when everyone is buying and nobody is selling, it can cause tremendous upward pressure on crypto prices.
In 2021, we’ve seen the billionaires and corporations buying into bitcoin and other crypto en masse. Meanwhile, the interest from institutional investors doesn’t appear to be slowing down. Six out of 10 investors surveyed by American multinational financial services corporation Fidelity in June believe digital assets have a place in investment portfolios and with this kind of backing from the commercial world, it’s hard to imagine Bitcoin going away anytime soon.
Crypto Exchanges Make Investing in Crypto Accessible for All
With the rise of reliable, secure, and user-friendly crypto exchanges, investing in cryptocurrencies has now become available to nearly anyone with internet access. One such crypto exchange promising to disrupt the industry with lower fees, premium research tools, and smart tokenomics is DXone. Featuring one-step fiat to crypto conversion, advanced wallet security, and the ability to place crypto Buy or Sell trades at your desired “Limit” prices, DXone is an all-in-one crypto exchange that makes trading and investing in cryptocurrencies simpler, faster, and more secure. You can register for a free account within minutes on dxone.com and convert cash to crypto directly via credit card.