Family Went All-In With Bitcoin At $900, Now Store Cryptocurrency Fortune In Secret Vaults On 4 Continents
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One family liquidated all of their assets to invest everything they had into bitcoin in 2017. At the time, the popular cryptocurrency was priced at around $900. Thanks to the explosion in the value of bitcoin, the family reportedly needs secret vaults across four continents to store their cryptocurrency fortune.
Didi Taihuttu, the married father of three, allegedly went all-in on bitcoin back in the good old days when it cost $900. Now, the Dutch family of five appears to live in the lap of luxury after the price of bitcoin has skyrocketed to nearly $50,000.
“I have hidden the hardware wallets across several countries so that I never have to fly very far if I need to access my cold wallet, in order to jump out of the market,” Taihuttu told CNBC.
Taihuttu, father of the self-proclaimed “Bitcoin Family,” says he has two hiding places in Europe, two more in Asia, one in Latin America, and a sixth in Australia. He reveals that the crypto treasures are hidden in a variety of locations such as apartments, warehouses, and even friends’ homes.
In the case of the Taihuttu family, 26% of Didi’s crypto holdings are ‘hot.’ He refers to this crypto stash as his ‘risk capital.’ He uses these crypto coins for day trading and potentially precarious bets, like when he sold his dogecoin for a profit and then bought it back when the price of DOGE bottomed out. The other 74% of Taihuttu’s total crypto portfolio is in cold storage. These cold hardware wallets, which are spread around the globe, include bitcoin, ethereum and some litecoin. The family declined to say how much it holds in crypto.
Investopedia answers the question: “What is a hot wallet?” – “Online wallets are also known as ‘hot’ wallets. Hot wallets are wallets that run on internet-connected devices like computers, phones, or tablets. This can create vulnerability because these wallets generate the private keys to your coins on these internet-connected devices.”
Answering the question: “What is a cold wallet?” – “The simplest description of a cold wallet is a wallet that is not connected to the internet and therefore stands a far lesser risk of being compromised. These wallets can also be referred to as offline wallets or hardware wallets.”
Taihuttu added that he doesn’t keep his crypto fortune in banks because he finds it “just too risky.”
The father of the Bitcoin Family explains, “What happens when one of these companies goes bankrupt? Where are my bitcoins? Will I have access? You again put the trust of your capital in the hands of a centralized organization.”
Taihuttu declared, “I prefer to live in a decentralized world where I have a responsibility to protect my capital.”