Tue11212017

LAST_UPDATETue, 21 Nov 2017 12pm

Family Selling Everything They Own To Bet On Bitcoin

Didi Taihuttu. Pic: Yolo Family Travel

The soaring prices of bitcoin have led a Dutch family to bet everything they own, including a business, their home, two cars and a motorbike, on the virtual currency.

Didi Taihuttu, 39, is currently living in a small holiday chalet on a camping ground with his wife, three daughters, aged 12, 10 and seven, and cat, in order to set aside everything and transform them into bitcoin, AFP reports.

The family got into bitcoin just this summer after they saw the swift climb of its prices this year, with one bitcoin already surpassed US$5,000 (RM21,100), and are now waiting for the cryptocurrency to really take off.

While they are pretty much letting go of everything they own, Taihuttu said that they he does not regret a thing.

"We were just like – sell it, sell it, what can we lose? Yeah, we can lose all the material stuff. Yeah, we can lose all our money. Yeah, we don't have three cars anymore. We don't have the motorcycle anymore. But in the end, I think we, as a family, will still be happy and just enjoying life," he said, as reported by CNBC.

However, the family does not trade exclusively in bitcoin as they also trade other cryptocurrencies like ether, ripple, neo, dogecoin and XLM, and the income from the trading is enough for food and necessities, which they say are all they need right now.

Taihuttu’s wife, Romaine, was initially not on board with her husband’s plan as she did not understand what bitcoin and cryptocurrency were but started to believe that it was good for the family after she got into it.

“It was a lot for me to handle. But then I got into it, and it made me believe it was a good change in our lives -- for my children, for my husband, and for myself,” Romaine said.

Taihuttu is also predicting that a bitcoin will probably be worth €25,000 (RM106,000) and said that bitcoin is the currency of the future.

"We're going through a revolution that's changing the monetary system. ... We are just lucky to realize that we are in the middle of it right now," he says.

Nevertheless, their gamble is not without risk as bitcoin are extremely volatile since it has no central bank and is not backed by any government, is not generally recognised as legal tender and are not backed by any asset, making it valuable only because people believe they are valuable.

Should things go wrong however, Taihuttu told AFP that he and his family will just "go back to square one".

But if he wins his bet, he wants to show the world to his daughters and help people who are poorer than them with the money they earned.

-mD