“Bitcoin Family” Opens Bitcoin Beach Bar in Lagos, Portugal
The Bitcoin family has seen its investment in Bitcoin fall by more than $ 1 million as the world’s most popular digital coin peaked at around $ 69,000 in November 2021.
“I buy Bitcoin every day,” Taihuttu told CNBC on the phone from the beach in Lagos, Portugal. “For me, the lesson I learned in the last two cycles is that when everyone thinks the whole world is going crazy and Bitcoin crashes, they slowly zoom out and buy Bitcoin. “
In 2017, Taihuttu, his wife, and three daughters liquidated everything they own, with a 2,500-square-foot home and virtually all global possessions in Bitcoin and road life. it is exchanged. This came back when the price of Bitcoin was about $ 900. Bitcoin is currently trading at around $ 19,200.
Along the way, Taihuttu closed his Bitcoin position, then bought it back and exchanged coins at the right time.
“That’s the life of Bitcoin,” he said.
Taihuttu told CNBC that he sold about 15% of his family’s entire Bitcoin holdings when prices fell to the $ 55,000 price level in late November.
“For me, $ 55,000 was a confirmation that we would go down,” Taihuttu continued.
Romaine lettuce and Jolitaihuts on the beach in Lagos, Portugal
Extreme volatility is the price to do business in the digital asset market. Over the last decade, Bitcoin has experienced two long-term price declines before it rebounded. In the last cryptocurrency winter of 2018, Bitcoin lost more than 80% of its value before it bounced, eventually rising to a record high last year.
In an interview, Bitwise Asset Management Chief Investment Officer Matt Hougan said, “Waiting to see if another shoe will fall into cryptocurrencies, if another entity will fail, and if the credit cascade will continue. There are still aspects to it. “
“I think there is a lot of volatility even if your time frame is a week, a month, or even a quarter. If you have a period that is measured on a yearly basis, that’s right. It’s a great opportunity to think about entering the market, “Fugan continued.
Taihuttu — Study crypto market price charts and follow popular indicators such as: Meyer multiple — In the current price cycle, Bitcoin is expected to bottom out between $ 15,000 and $ 20,000 and bounce back to over $ 140,000 by 2025. And now, according to Taihuttu, it’s the “ultimate purchase moment.”
His investment strategy has worked pretty well so far. Taihuttu tells CNBC that his portfolio has grown by more than 2,000% over the last six years.
“Slowly, people will realize that being in Bitcoin and HOD Ling is more beneficial than always trying to catch thousands of times more altcoin,” Taihuttu said.
Over the last six years, a family of five Dutch have traveled around the world. But after spending time in 40 countries, they decided to put some roots in Portugal. Portugal is one of the last places in Europe with a 0% tax. Bitcoin..
Taihuttu’s latest project runs a Bitcoin bar on one of Lagos’s most popular beaches to “set an example”. He also plans to spread the Gospel of Bitcoin by turning every vendor along its beach into a Lightning-friendly retailer. Lightning is a payment platform built on top of Bitcoin’s base layer, enabling virtually instant low-cost transactions.
“I think it will take about 6 months, and I’ll get Bitcoin accepted throughout this beach,” he said.
Family beliefs were tested last year.It was about a few months for the crypto market as token prices plummeted and some of the industry’s most popular companies plummeted. Get angry..
The turmoil has surprised investors, erasing more than $ 2 trillion in value in a few months and wiping out the life savings of retailers who have made heavy bets on crypto projects billed as secure investments.Bitcoin on Thursday Worst quarterly loss in over 10 years..
First client paying with Bitcoin at Taihuttus beach bar in Lagos, Portugal
To maintain an “emotionally grounded” state when faced with this level of volatility, a family of five in the Netherlands follows what is called the 70/30 rule.
At any time, Taihuttus keeps 70% of Bitcoin refrigerated (inaccessible) Without getting it physically), And the remaining 30% is in the hot wallet. This means that the coin is connected to the internet, either through a mobile phone wallet or online exchange.
Of the 30% cryptocurrency hiding place, some are stored in Bitcoin and the rest are a combination of stablecoins pegged in US dollars. Tether, USDC, And dai. This type of “hot” storage allows owners to access and use cryptography with relatively easy access to tokens. The trade-off with convenience is the potential for exposure to malicious individuals.
“Every time we increase our capital, we make sure that 70% is in the refrigerated warehouse, so we can’t touch it from there,” explains Taihuttu.
Taihuttu did not disturb him to make it particularly difficult to access his cold purse.
Most of the family’s cryptocurrency property is in secret vaults on four different continents, including two hideouts in Europe, two in Asia, one in South America, and six in Australia. There are no sites in the basement or on remote islands, but the family told CNBC that crypto hiding places are hidden in different ways, from rental apartments and friends’ homes to self-storage sites. ..
Teddy, the dog of Thai footus, on the beach of Lagos, Portugal with Jessa and Romaine
Taihuttus also hides seed phrases from different countries on the same continent as the corresponding hardware wallet (that is, a unique group of 12 to 24 words used to access digital assets). The seed phrase is different from the private key used to access the crypto wallet, but it is important that the user keeps records of both.
“Cold storage is often a cipher whose private key (the password that allows the cipher to be moved from the wallet) has been moved to a wallet that is not stored on a computer connected to the Internet, so hackers I can’t hack into my computer. I steal my private key. ” Philip Gradwell, Chief Economist at Chainalysis, a blockchain data company.
Beyond the benefits of basic cyber hygiene, in addition to protecting tokens from malicious individuals, Taihuttu has gone his own way to protect his belongings from himself.
“If I had those hardware wallets, I would be more emotionally involved, and when I saw Bitcoin falling, I would grab the hardware wallets and start buying and selling,” he said. Said.
That said, the five Dutch fathers aren’t too far from ledgers and seed phrases.
“You can always fly cheaply on Ryanair or AirAsia. You’ll get there in three hours.”
Almost all of the Bitcoins that Taihuttus has squirreled around the world are not KYC. That is, it is not subject to the “Know Your Customer” rule required to prevent centralized exchanges from being used for money laundering. Engage in money and other illegal activities. In other words, no one, including the government and friends, knows exactly how much the Bitcoin family keeps.
To do this, Taihuttu bought many of his Bitcoins over the counter.
“There are many forums where you can buy Bitcoin in cash,” Taifts told CNBC.
“Each country has its own desk. Mexico has desks that pay up to $ 1 million in cash per day,” Taihuttu continues, but when buying OTC, you may need to buy it at a premium. I said I couldn’t.