The Man Who Sold Everything to Invest in Bitcoin

He did it because he was tired of obsessing over money.

Bitcoin is the buzzword of the modern digital age. Controversial? Definitely. An investment or a currency? Both, but neither? Here to stay or destined to crash and burn? No one knows for sure. Bitcoin is surrounded by unknowns, but one thing’s certain; it’s becoming increasingly difficult to ignore.

When it was first released in 2009, Bitcoin was worth next to nothing. Today, the value of a single Bitcoin hovers around $39,000 USD. It’s a volatile and speculative asset — in five years Bitcoin could get up to $100,000, or even $200,000. It could also become worthless. No one is certain, but it’s tempting to get a bit of skin in the game in case Bitcoin continues to take off.

The key phrasing here is a ‘bit of skin.’ Known for its wild market swings, dropping and increasing in value by tens of thousands of dollars overnight, Bitcoin isn’t exactly a safe investment. Even those who are believers in the Bitcoin movement don’t put a significant amount of their net worth into Bitcoin. It’s too risky. Anyone who’d put everything they had into Bitcoin would be considered a little bit mad, even by the biggest proponents of cryptocurrency.

In 2017, Dutchman Didi Taihuttu did exactly that. He sold his businesses, liquidated his assets, and put everything into Bitcoin. He sold all his belongings, including his businesses, his house, his cars, his children’s toys. He purchased a van so his family could set off for a life of minimalistic global travel; everything else went into Bitcoin.

Today, he travels the world with his wife and three children, entirely funded by Bitcoin. They’re known as the Bitcoin family, and they live a decentralised, nomadic lifestyle. They have little fiat money and make most of their transactions with Bitcoin.

Throughout the ups and downs of the markets, Taihuttu has remained steady. Even through the biggest Bitcoin booms and losses, he hasn’t sold. He’s in it for the long haul.

What Made Taihuttu Go All-In With Bitcoin?

Taihuttu didn’t do it to become rich. He did it because he was tired of living a materialistic lifestyle. A successful businessman, he had three businesses he’d built from the ground up. He had a nice house, expensive cars, luxury goods.

Despite this outward success, he was becoming burnt out. On an episode of the podcast What Bitcoin Did, he discussed his Bitcoin origin story with host Peter McCormack — how he first got into Bitcoin, what made him realise he needed a lifestyle change, and why he has so much faith in cryptocurrency.

Taihuttu first dabbled with Bitcoin in 2013. An entrepreneur at heart, he immediately recognised the opportunity, although his first dip into the world of cryptocurrencies was a little more conservative.

An intern at Taihuttu’s business mentioned Bitcoin to him, and it piqued his interest. As someone interested in challenging typical systems, crypto was an appealing concept. He began playing around with mining Bitcoin, but after a dip in 2014, his faith in Bitcoin was shaken.

The turning point for Taihuttu came at the end of 2016, after the death of his father. He realised that working long hours as a business owner wasn’t worth it anymore. When it came down to it, he wanted free time to spend with his father for his final few months. After his father passed away, Taihuttu began selling his businesses. He and his family embarked on a year-long trip travelling the world. By the end of it, they realised they didn’t want to stop there.

Whilst in Bali at the end of 2016, Taihuttu got a call from a friend asking if he still had Bitcoin. He said yes, but he hadn’t been paying much attention to the market. His friend told him he should. By January 2017, Bitcoin was in the middle of a massive boom, doubling in value several times. By now, Taihuttu was paying attention. He said it felt like the revolution was beginning.

Realising this was his ticket to a carefree life of endless travel, Taihuttu got his wife on board and they went all in. They sold the businesses, sold their house, sold their cars. They moved to a campsite in the Netherlands, poured all their funds into Bitcoin, and set off to travel the world. Four years later, and they haven’t come back.

How Does He Get By Without Widely Accepted Currency?

The Bitcoin family have travelled to more than 40 countries so far, funded entirely through cryptocurrency. At first, Taihuttu made a clean break from all fiat currency. He held only Bitcoin and used it for all his transactions.

Wanting to avoid the traditional banking system, they decided to use only crypto. It wasn’t always easy to do, as a lot of countries and businesses still don’t know what Bitcoin is, let alone accept it as payment. The family relied on word-of-mouth to find accommodation and services that accept Bitcoin payments. On occasions, they pitched the idea and garnered enough interest to convince business owners to let them pay in Bitcoin.

At one point while crossing the border between Bulgaria and Turkey, the family needed to apply for visas — but the visa application process did not accept Bitcoin payments. They managed to convince a fellow traveller to trade them physical cash in exchange for Bitcoin.

These days, the family keeps a small amount of cash in case it’s necessary, but they do their best to stick to Bitcoin payments only. They use Wirex debit cards, a decentralised debit card that allows you to store cryptocurrency to withdraw cash from ATMs, as an emergency backup. However, where they can, they find businesses that accept Bitcoin payments, from grocery stores to hairdressers. They see Bitcoin as the future of finance, and want their own financial situation to reflect that.

How Is He So Sure Bitcoin Will Last?

Didi Taihuttu does more than talk the talk; his faith in Bitcoin has proven unshakeable, despite its volatility.

“The moment you jump, you will never change back again. We had our doubts at the beginning as well, but we will never change back.” -Didi Taihuttu

Part of this faith stems from the future scarcity of Bitcoin. Only 21 million Bitcoins will ever be mined, and once they are, that’s it. Rather than worrying about demand decreasing, Taihuttu says he is certain Bitcoin is headed for a supply crisis. He thinks it will only drive its value up in coming years.

In recent years, backing from billionaires has helped solidify Bitcoin as an ideal investment. As an asset that relies on the faith of its investors to hold its value, Bitcoin has surged with backings from entrepreneurs like Michael Saylor, Michael Novogratz, and Elon Musk.

It’s not just individuals who have gotten on board with Bitcoin, either. Retail investors and corporate entities have become more interested in Bitcoin over the past few years. Major payment processing platforms PayPal and Square have now begun adding crypto payment options, accepting Bitcoin as a currency. With this kind of backing from the commercial world, it’s hard to imagine Bitcoin going away anytime soon.

Taihuttu has 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.