The Bitcoin Family
A family sold everything and bet on Bitcoin, now they are hiding their wealth around the world
They put everything on one card – and found freedom. A family from the Netherlands gave up their old life and invested all their belongings in Bitcoin. Now the crypto millionaires are traveling around the world. And hide their money along the way.
It was a single decision that would change the lives of Didi Taihuttu, his wife and their three daughters from the ground up. When Bitcoin slowly but surely rose in 2017, they decided to go all out – and to put all their assets, including the house, into the crypto currency. The bet worked. Now the family is documenting their trip around the world. And told how they protect their assets from unauthorized access.
“We thought: Just sell it all. What do we have to lose?”, The Bitcoin millionaire told CNBC in 2017. Everything, that was really all the family owned. Taihuttu reports that the company is doing well, the house, three cars and a motorcycle. The bet worked. The then 39-year-old bought Bitcoin when it cost just $ 900 – and a few months later it shot up towards $ 20,000 for the first time. Even the following crash under $ 3,000 a few months later didn’t stop him. “When Bitcoin went down again, we bought even more,” said Taihuttu happily in a follow-up interview last year.
Since then, the price has risen sharply again, scratching the $ 60,000 mark for the first time in March 2021. The family had grown their wealth more than sixty-fold. However, it does not reveal exactly how high it is. The family is otherwise extremely open with their life: they freely share insights into their everyday life on their own YouTube channel.
Bitcoin brings freedom
The Taihuttus are not interested in money anyway. “It means freedom,” he said in a conversation with the Washington Post, which accompanied him to a tattoo appointment where he got the Bitcoin logo. “Yes, we no longer have the three cars and the motorcycle. But in the end we are happy as a family and enjoy life.”
But he first had to convince his wife Romaine of that. “I was shocked. I asked myself: What the hell are Bitcoin and cryptocurrencies. It was quite a lot for me,” she told CNBC. “But after I worked my way into it, I realized it was going to be a good change in our lives. For my kids, my husband, and myself.” Since they switched their lives for Bitcoin, the family has been living in a single world trip. They have visited 40 countries in the past four years, living in tents, campers and rental houses and exclusively on Bitcoin. And sometimes even literally.
He never wanted to rely on banks again, says the staunch Bitcoin fanatic. So even the first money came from Bitcoin. “We waited until someone was ready to exchange for Bitcoin.” For one person, they would even have installed an app to store the currency on their smartphone so that they could then exchange the digital coins for cash. Only in the Italian village of Rovereto and the Slovenian capital Ljubljana could they have paid everything with Bitcoin. “I always said I would only go to the hairdresser if I could pay there with Bitcoin. And then all of a sudden it was possible and I thought: I really need a haircut,” laughs Taihuttu.
Protection from hackers
To protect their money, the family distributed it around the world. “I have hidden hardware wallets in several countries so that I never have to fly far to get money out of my cold wallet and get out of the market,” explains the crypto traveler. Wallets are the digital purses in which crypto currencies are stored. So-called hot wallets are connected to the Internet or even directly in the cloud, cold wallets are those that are disconnected from the network for security reasons. Often these are specially prepared storage media that are password-protected, a so-called hardware wallet.
According to Taihuttu, copies of coins that make up almost 74 percent of the family’s assets are stored on the hidden wallets. The remaining 26 percent are stored “hot”, so they are directly available to the family. They are “risk capital”, Didi jokes. On the one hand the family pays for their everyday life with it, on the other hand it invests them again and again in order to be able to do a quick deal. For example, when Dogecoin was booming in the spring and he was able to make a nice additional profit.
With their cold wallets, the family wants to protect itself from the danger that dominates the headlines time and again: that hackers crack online wallets and tear themselves under the nails. As happened on Monday with coins worth 510 million euros. Then you could leave the money in the bank right away, says Taihuttu. But it was precisely this distrust of these institutions that ultimately drove him to Bitcoin. “What if the companies go bankrupt?”, He replied to the “CNBC” when asked whether he had deposited his hardware wallets at banks or post offices. “What about my Bitcoin then? Can I get hold of them? Then you have to put your capital back into the hands of a central organization.”
Well hidden assets
Instead he preferred to hide them himself, two each in Europe and Asia, one in South America and the last one in Australia. He explains his strategy so he can always take a short trip to his coin treasure and turn it into cash in the event of a market crash. As a classic treasure with a map, he has not buried them, they are in rented apartments, with friends or in rented warehouses. “I prefer to live in a decentralized world where I am responsible for protecting my own money.” Even if he then has to get on a plane to get his money.
Sources:CNBC 1, CNBC 2, Washington Post, Youtube