“Bitcoin Family” Loses $1 Million In Bear Market, What’s Next For Them?
The “Bitcoin Family” have been in the headlines ever since they put everything that they had into bitcoin back in 2016. By then, the digital asset was only trading at around $900, and the family had become bitcoin millionaires with the most recent run-up. However, like everyone else, the Bitcoin Family has been hit hard by the recent bear market and has seen their portfolio drop during this time. But the gospel of bitcoin seems to have not left them either.
Still Believes In Bitcoin
The Bitcoin Family had actually started traveling around the world, but supporters had kept up with the family. Presently, they are living in Lagos, Portugal, where the family has opened a bar known as BamBamBeach that allows people to pay for their drinks using bitcoin through the lightning network. Mr. Taihuttu, the family patriarch, explains that they were going to be in Portugal for about six months, but the family plans to continue traveling.
The bar reflects the family’s belief in bitcoin and its applications in the real world. Mr. Taihuttu explained that the bar was not the only thing that the family had invested in. According to him, there is another beach bar, a sailing school, an adventure company, and a restaurant which they have converted to all accept bitcoin. “Slowly, we will grow to become the Bitcoin beach in Europe,” he explained.
BTC set to retest $25,000 | Source: BTCUSD on TradingView.com
His vision for these businesses looks to revolve mainly around the cryptocurrency. He lauded the decentralized nature of bitcoin, which he touted as the future of money. “The future plan is to decentralize BamBamBeach by tokenizing it and using a decentralized autonomous organization, among other measures,” Mr. Taihuttu added.
The Bottom Is In
The recent downtrend has seen the portfolio of the Taihuttus take a hit, but they are not worried about it in the slightest. Given that the family had gone all in on bitcoin back in 2016, this is the third bear market they are going through, and it shines through in their responses that the family is well-positioned to weather the storm.
When talking about the downtrend in the market, Mr. Taihuttu shared his thoughts surrounding it. According to him, he believes that the bottom of the market has already been reached. He also adds that any entry point is good when you believe bitcoin is going to do well in the coming years.
So for the Taihuttus, they’re all about taking advantage of the opportunities presented in bitcoin during the different market cycles. He reiterated their belief in bitcoin, saying, “We believe each BTC will go up to $1 million and will by then be usable as peer-to-peer cash, so why would we exchange this real money to the fake one that is printed unlimited?”
Featured image from Bitcoin UK, chart from TradingView.com
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