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The family invested all their money in bitcoin: how they live after three years

Didi Teichuttu, his wife and three children bet on Bitcoin. In 2017, the family invested all their funds in cryptocurrency to make money on it in the future. How they live today and what they hope for, says CNBC.

Photo: Shutterstock

In 2017, a Dutch family of five liquidated all of their assets - from a lucrative business and a 2500-square-foot (232-square-meter) house to their shoes - and traded it all for the popular cryptocurrency and nomadic life.

After almost four years and 40 countries visited, Teichuttu and his family still do not have bank accounts, a house or other personal property. The family still keeps all their savings in very volatile cryptocurrencies.

“We switched to bitcoin because we wanted to change our lives,” said the 42-year-old father of three.

When the price of bitcoin dropped in 2018, Teichuttu added even more to his investment portfolio. He says he has always been firmly convinced that cryptocurrency is preparing for a major leap forward.

“I think we will soon see a minimum peak of $ 100. I won't be surprised if it reaches $ 000 by 2022, ”he said then.

Bitcoin price hit a record high on Monday November 30, closing at $ 20. Some analysts say the cryptocurrency still has room to grow.

Mike Novogratz, CEO of investment firm Galaxy Digital, believes the race to reclaim the value of cryptocurrency is just beginning. He sees that Bitcoin will rise to $ 60 by next year.

And Tom Fitzpatrick, head of CitiFXTechnicals, in a report aimed at Citibank's institutional clients, said bitcoin could reach $ 318 by December 000.

On the subject: Cyber ​​Robin Hood: hackers donated stolen money to charity

Why is this not just another bubble

Teichuttu bought most of his bitcoins when they traded at around $ 900 in early 2017, just a few months before they hit nearly $ 20 per coin.

Even as bitcoin peaked, the family continued to invest in cryptocurrency. When the bubble burst and the price dropped to around $ 2018 in early 3000, Teichuttu and his family did not stop.

“When bitcoin fell, we started buying more,” said the head of the family. - I do not see a decrease in demand. I think we're heading for a supply crisis. "

The bitcoin race in 2020 versus 2017 is somewhat different in that institutional investors now accept bitcoin, giving it legitimacy and helping to eliminate the reputational risk of investing in cryptocurrency.

“Growth in 2017 was largely driven by retail investors, while this year we are seeing massive influx from corporate structures and institutional finance managers,” commented Mati Greenspan, portfolio manager and founder of Quantum Economics.

Old billionaire hedge fund managers Stanley Druckenmiller and Paul Tudor Jones now own bitcoins, and big fintech players like Square and PayPal are adding crypto products as well.

This massive adoption is extremely important because cryptocurrencies are not backed by assets and have no government backing. They are valuable because people believe in their value. Therefore, Bitcoin goes a long way to being bought by famous people on Wall Street.

Bitcoin supply crisis

The surge of interest from the main financial players not only changed the image of bitcoin, but also provoked a supply shortage.

“The main reason is the same,” Greenspan said. - This is a question of the lack of digital technologies. There is a strictly limited number of bitcoins available in the market, so when everyone buys and no one sells, this can cause tremendous pressure on the price. The players have changed this time. "

The 2017 race was driven by retail speculation, and in 2020, billionaires and corporations are buying bitcoin in droves.

“When PayPal starts selling bitcoins to its 350 million users, it also needs to buy bitcoins somewhere,” Teichuttu said. "There will be a colossal supply crisis because not enough new bitcoins are mined every day to meet the needs of large companies."

And this interest from institutional investors does not seem to be diminishing. Six out of ten investors surveyed by Fidelity in June believe digital assets will be in investment portfolios.

Despite the 2020 profit, the fact remains that a speculative asset like Bitcoin is subject to price fluctuations in a very short period of time.

You may be interested in: top New York news, stories of our immigrants and helpful tips about life in the Big Apple - read it all on ForumDaily New York

In 2018, the massive sell-off of cryptocurrencies, including Bitcoin, was faster, more violent, and more destructive than the bursting of the dotcom bubble in 2000.

2020 may look different, but as an asset, bitcoin behaves cyclically. Each subsequent high is higher and the lows are not so low, but Bitcoin is certainly not immune to another major correction.

For Teichuttu, playing with bitcoins is not only about making a profit. He has already donated half of his money to charity, and his family of five has spent the last four years traveling the world to spread the gospel of decentralized digital currencies.

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