The “Bitcoin family” has been in the spotlight since they put everything they own into Bitcoin in 2016. By then, the digital asset was trading at just $900 and the family had become bitcoin millionaires with the recent run-UP. However, like everyone else, the Bitcoin family has been hit hard by the recent bear market and has seen its portfolio decline during that time. But the gospel of bitcoin doesn’t seem to have deserted them either.
still believes in bitcoin
The Bitcoin family actually started to travel the world, but supporters stayed with the family. They currently live in Lagos, Portugal, where the family has opened a bar called BamBamBeach, where people can pay for their drinks with Bitcoin over the Lightning network. The family’s patriarch, Mr. Taihuttu, says they should stay in Portugal for about six months, but the family plans to travel further.
The bar reflects the family’s belief in Bitcoin and its real-world applications. Mr. Taihuttu explained that the bar isn’t the only thing the family has invested in. According to him, there is another beach bar, sailing school, adventure company and restaurant that he has converted to bitcoin. “We will gradually become a bitcoin beach in Europe,” he explained.
BTC is poised to retest $25,000. Source: BTCUSD at TradingView.com
Their vision for these companies mostly revolves around cryptocurrencies. He appreciated the decentralized nature of Bitcoin, which he touted as the future of money. “The plan for the future is to decentralize BamBamBeach, including through a decentralized autonomous organization,” said Mr. Taihuttu.
The recent downtrend has affected Taihutsa’s portfolio, but they are not the least bit worried about it. Given that the family switched to bitcoin back in 2016, this is the third bear market they’ve been through and it shows in their reactions that the family is well positioned to weather the storm.
Speaking about the market decline, Mr. Taihuttu shared his thoughts on it. In his opinion, the market has already bottomed out. He also said that any entry point is good if you believe Bitcoin will do well in the years to come.
So for Taihuttas, it’s all about taking advantage of the opportunities Bitcoin offers during different market cycles. Reaffirming his belief in Bitcoin, he said: “We believe that by then every BTC will grow to $1 million and be usable as peer-to-peer cash, so why turn all this real money into fake? What is infinitely printed?
Featured image of Bitcoin UK, chart by TradingView.com
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