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Oct 13, 2017 02:11 PM IST | Source: Moneycontrol.com

Bitcoin craze: Man sells all his belongings to invest everything in cryptocurrency

The idea brew after he returned from a nine-month long trip through Asia and Australia

Bitcoin
Bitcoin

A Dutchman sold everything he owned and moved his family to a campsite to take benefit of the next boom in cryptocurrencies.

Didi Taihuttu, a 39-year-old resident of Netherlands has moved his family to a campsite outside of Venlo after selling his house along with other possessions including his car, motorbike, children's toys and other family consumables, reported The Independent.

The Dutchman believes that there is much to be made from Bitcoin which is pegged to be the currency of the future. Bitcoin and Blockchain, the technology which powers cryptocurrencies, eliminates the need for a third party like banks to process a financial transaction. A network of computers keeps a record of all the transactions.

"The Internet was a revolution for information. I think that Blockchain and cryptocurrency are revolutionising the monetary system,” Taihuttu said. "In five years' time, everyone will say: 'We could have seen it coming'. I am responding to this change now."

The idea brew in the mind of the IT specialist after he returned from a nine-month long trip through Asia and Australia. The traders he met during the travels inspired him to take the gamble. "I am an entrepreneur, so when I first heard about Bitcoin, I said: let's do this," he added.

The property has reportedly been sold under reservation to a dealer for the price of 85 bitcoins—Rs 2.3 crore.
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