“Bitcoin Family” Loses $1 Million in Bear Market, What’s Next for Them?
The “Bitcoin family” has been in the headlines ever since they put everything they had into bitcoin back in 2016. Back then, the digital asset was only trading for around $900, and the family had become bitcoin millionaires with the latest run. up. However, like everyone else, the Bitcoin family has been hit hard by the recent bear market and has seen their portfolio plummet during this time. But the gospel of bitcoin doesn’t seem to have left them either.
Still believe in Bitcoin
The Bitcoin family had indeed started traveling the world, but supporters had kept up with the family. They currently live in Lagos, Portugal, where the family has opened a bar known as BamBamBeach that allows people to pay for their drinks with bitcoin through the lightning network. Mr. Taihuttu, the family patriarch, explains that they were supposed to be in Portugal for about six months, but the family plans to keep traveling.
The bar reflects the family’s belief in bitcoin and its real-world applications. Mr. Taihuttu explained that the bar was not the only thing the family had invested in. According to him, there is another beach bar, a sailing school, an adventure company and a restaurant that they have converted to 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 seems to revolve mainly around cryptocurrency. He praised 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,” added Mr. Taihuttu.
The bottom is in
The recent downtrend has seen Taihuttus’ portfolio take a hit, but they aren’t the least bit worried about it. 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 response that the family is well positioned to weather the storm.
Talking about the downward trend in the market, Mr. Taihuttu shared his thoughts on 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 think bitcoin is going to do well for years to come.
So for Taihuttus, they are about taking advantage of the opportunities presented in bitcoin during the different market cycles. Reiterating their belief in bitcoin, he said: “We believe that each BTC will go up to $1 million and will then be usable as peer-to-peer cash, so why would we exchange this real money for the fake one that is printed unlimited ?”
Featured image from Bitcoin UK, chart from TradingView.com
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