Family sells everything to buy bitcoin

family sells everything to buy bitcoin

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Family sells everything to buy bitcoin

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For four years, the family has subsisted on bitcoin alone. They also made a vow to never pay for another service or good ever again, unless the transaction was somehow made in bitcoin. After educating this traveler about the merits of the cryptocurrency, they installed a bitcoin wallet on his phone and made an exchange of bitcoin for cash.

I can tell you that my wife and my kids were not happy. But if you try to live the bitcoin life, you have your ups and downs. Since the Taihuttus went all in on bitcoin in , they have traveled to forty countries. Mass adoption of cryptocurrencies over the past few years has made it easier for the family to transact solely in bitcoin, but to get by, they have had to get creative.

Through a combination of bartering, bargaining, bitcoin debit cards, and convincing vendors to accept the cryptocurrency, the family has managed to traverse much of Europe, Asia, and Oceania. But they say there are two places on the planet where you can pay for literally everything using bitcoin: the Slovenian capital of Ljubljana and a small Italian village called Rovereto. In Ljubljana, they paid for things like car repairs and cinema tickets in the cryptocurrency, and in Rovereto, it is possible to buy a motorbike, pay your taxes, or get a haircut using bitcoin.

For Didi, the fact that both a very small traditional village and the capital of a country had whole-heartedly embraced bitcoin was a sign to him that it was possible anywhere. With these sky-high predictions, it is not surprising that more investors are choosing to store their bitcoin, rather than spend it. When I asked Taihuttu on our Skype call whether he was worried that we could be in the midst of another bitcoin bubble, he doubled down on his investment.

Old-school, billionaire hedge fund managers Stanley Druckenmiller and Paul Tudor Jones now own bitcoin and big fintech players like Square and PayPal are also adding crypto products. So it goes a long way when bitcoin gets buy-in from some of the biggest names on Wall Street.

There is a strictly limited supply of bitcoin available in the market, so when everyone is buying and nobody is selling, it can cause tremendous upward pressure on the price. Six out of 10 investors surveyed by Fidelity in June believe digital assets have a place in investment portfolios. Mike Bucella, general partner at BlockTower Capital, told CNBC in a recent interview on " Power Lunch " that retail investors are actually the ones missing out on the bitcoin rally this year.

Taihuttu put a couple hundred thousand dollars into cryptocurrency in , while the price of bitcoin was still trading lower, and he has mostly stayed all in on his investment. In , the massive sell-off in cryptocurrencies, including bitcoin, was swift, brutal and worse than the bursting of the dot-com bubble in Each successive high is higher, and the lows are not quite as low, but bitcoin is certainly not immune to another major correction.

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