The “Bitcoin Family” has lost more than $1 million on bitcoin investing since the digital currency peaked at $69,000 in November last year, but the head of the family is as bullish now as before.
“I buy bitcoin daily”, Taihuttu tells CNBC Over the phone from a beach in Lagos, Portugal.
In 2017, Taihuttu, his wife and their three daughters sold everything they owned and put everything in bitcoin and their lives on the road. At the time, the price of Bitcoin was stable at $900 compared to around $19,200 today.
Since then, Taihuttu has entered and exited bitcoin multiple times. Taihuttu told CNBC that he sold about 15 percent of the family’s bitcoin when the price dropped to $55,000 in late November.
“For me, $55,000 was a confirmation that the price would go down even more,” he says.
A Bitcoin fan believes that Bitcoin will drop between $15,000 and $20,000 in this cycle, before rising to $140,000 by 2025.
“This is the ultimate buying opportunity,” he told CNBC.
The world’s largest cryptocurrency, Bitcoin, has fallen 54 percent since the new year and had its worst month ever. Since November, the price drop has reached 70 percent.
Crypto expert Ian Harnett is making a bleak prediction for the future of the world’s largest cryptocurrency.
Harnett, director of investment at Absolute Strategy Research, told CNBC on Wednesday of this week that he believes Bitcoin is about to continue into the last fall.
He believes that Bitcoin is likely to drop to a low of $13,000, which corresponds to a drop of more than 35 percent from current levels.
– It really is a fluidity game. From our point of view, Harnett said, Bitcoin is neither a currency nor a commodity, and it is certainly not something of value.
“Web specialist. Lifelong zombie maven. Coffee ninja. Hipster-friendly analyst.”