Family that bet everything on Bitcoin when it was $900

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Didi Taihuttu, his wife, and three kids bet all they have on bitcoin; from  a profitable business and 2,500-square-foot house, to their shoes – and trading it all in for the popular crypto currency.

Nearly four years and 40 countries later, Taihuttu and his family still don’t have bank accounts, a house, or all that much by way of personal possessions. All of the family’s savings remain tied up in highly volatile crypto currencies.

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

The family bought the bulk of their bitcoins when it was trading at $900 early 2017, just before it reached nearly 20,000$ a coin. Even as bitcoin peaked, the family stayed invested in the crypto currency. Once the bubble burst, and the price tumbled down to about $3,000 in early 2018, Taihuttu and his family weren’t deterred. “When bitcoin dipped, we started to buy more.”

He says he was always a firm believer that the crypto currency was poised for a major rebound. “I think in this bull cycle, we are going to see a minimal peak of $100,000. I won’t be surprised if it hits $200,000 by 2022.”

Mike Novogratz, CEO of investment firm Galaxy Digital, thinks this comeback rally is only just getting started. He sees bitcoin rising to $60,000 by next year.

And Tom Fitzpatrick, global head of CitiFXTechnicals, said the charts signalled that bitcoin could reach $318,000 by December 2021, in a report meant for Citibank’s institutional clients and obtained by CNBC.

Source : CNBC

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