Man sells everything he has for Bitcoin as he pre-empts the ‘ultimate cryptoboom'

A man upped sticks, sold everything he had for Bitcoin and moved his family to a campsite after claiming that he is waiting for the next "boom" in cryptocurrencies.

Didi Taihuttu, 39, moved his family to a campsite outside of Venlo in the Netherlands, after putting his house on the market along with other possessions including his car, motorbike, children's toys and other family consumables.

Bitcoin and Blockchain, the technology behind the currency, eliminates the need for a third party such as a bank or building society to approve payments, as a network of computers keeps a record of all transactions.

The Dutchman believes that the technology is transforming the role of banks in society - and that there is more to be made from the emerging currency.


"People will say, 'You're crazy,'" Taihuttu told Business Insider.

"The Internet was a revolution for information. I think that Blockchain and cryptocurrency are revolutionising the monetary system.

"In five years' time, everyone will say: 'We could have seen it coming'. I am responding to this change now," he said of his decision to take the huge gamble.

The IT specialist, his wife and three daughters have just returned from a nine-month trip through Australia and Asia. During these travels he met fellow traders who inspired him to become involved in crypto-trading.


"I am an entrepreneur, so when I first heard about Bitcoin, I said: let's do this."

It’s not the first time he has encountered the world of cryptocurrencies. He set up a physical Bitcoin mining business using a network of computers and video cards.

As the price of the Bitcoin rose to several hundred euros in 2013, he sold his entire stock, unaware that the price was set to rocket up further.

"If I had known then that four years later it would have been ten times more valuable, then of course I wouldn't have sold everything," told the entrepreneur. "But then I thought: 'I have to make a profit'."

Latest Prediction Puts Bitcoin at $10k by April 2018

As Bitcoin prices remain stable, experts predict a continued increase in value. In a recent interview featured in CNBC‘s “Fast Money” segment, former Fortress Investment Group hedge fund manager turned cryptocurrency investor Mike Novogratz said the rise in value isn’t likely to stop any time soon.

“I’m pretty confident to say it’s going higher,” he said on Wednesday, adding that “It would not surprise [me] if in the next six to 10 months we’re over $10,000.” Just last week, other experts predicted bitcoin prices would reach $6,000 by the end of the year, though still warning against volatility.

Indeed, many have pointed out that cryptocurrencies tend to be unstable. For Novogratz, however, this volatility is normal. “Yes, it’s a bubble, it’s going to be one of the great manias of all time,” he explained. “Bitcoin happens to be the bellwether of this entire decentralized revolution, so it’s the easiest way people get gain exposure to it. […] Things like Ethereum I think will be the public utility of this new space.” This blockchain revolution, he added, would “change the way we live.”

Despite fears of a dip in prices due to Russia’s cryptocurrency ban, recent numbers show that bitcoin prices have stayed at the upper $4,000 mark after closing at another all-time high on Monday. The Russian ban comes after China and South Korea made similar moves against cryptocurrencies and initial coin offerings (ICOs).