Taihuttu sold all they possessed in 2017, bartering a 2,500 square foot home and their belongings for bitcoin and a nomadic lifestyle. This was back when a bitcoin cost about $900. The price of one bitcoin is currently $19,700.
Since the most popular digital currency in the world peaked at roughly $69,000 in November 2021, the "Bitcoin Family" has lost more than $1 million on their investment.
From a beach in Lagos, Portugal, Taihuttu told CNBC over the phone, "I'm buying bitcoin every day." "For me, the lesson I learnt over the last two cycles is that, when everyone else is panicking and speculating that bitcoin will crash, I'm steadily zooming out and buying bitcoin," the author said.
The cost of doing business in the market for cryptocurrencies is extreme volatility. In the past ten years, there have been two extended periods of low pricing for bitcoin before a recovery.
Bitcoin lost more than 80% of its value during the previous crypto winter in 2018, but it eventually recovered and reached an all-time high last year.
“ There is still an aspect in crypto that we are waiting to see if another shoe will drop, if another entity will fail, if the credit cascade will continue," said Matt Hougan, chief investment officer at Bitwise Asset Management, in an interview."
According to Taihuttu, who analyzes price charts for the cryptocurrency market and follows well-known indicators like the Mayer Multiple, bitcoin will bottom out in the current price cycle between $15,000 and $20,000 before rising to above $140,000 by 2025. According to Taihuttu, this very instant is the "ultimate buying moment."
So far, his investment approach has performed reasonably well. Taihuttu tells CNBC that over the past six years, his portfolio has increased by more than 2,000 percent.
People will eventually realize that investing in bitcoin and holding onto it is more profitable than always chasing after an altcoin that will skyrocket in value by thousands, according to Taihuttu.
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