In October 2017, the Taihuttu family, a Dutch group, sold their home and all of their possessions to purchase Bitcoin. Their gamble paid off and the family now travels the world and lives in Phuket, an island in the middle of the ocean. On November 30th, 44-year-old Jeremy Taihuttu spoke to CNBC about the family’s decision to transfer $1 million in digital assets to decentralized exchange protocols for greater control over their cryptocurrencies.
The Taihuttu family is taking measures to protect their crypto assets.
It’s been 5 years since the Taihuttu family made their remarkable decision to buy Bitcoin (BTC). On Wednesday, patriarch Didi Taihuttu spoke to CNBC, explaining that the family is transferring $1 million in crypto assets to decentralized exchange protocols following the collapse of FTX.
The Taihuttu family explained that prior to the decision to move funds from centralized exchange platforms to decentralized exchange protocols, a small portion of the funds were stored on trading platforms such as Bybit and Kraken. “If you never send your bitcoin to an exchange,” Taihuttu said, “your bitcoin stays in your own wallet, which means you have complete custody of your coins. [But] you connect to a dex, and by making that connection, you trade your own wallet.”
Taihuttu continued:
If the dex crashes, it doesn’t matter because your bitcoins are always in your own wallet.
Taihuttu stated that he learned his lesson when he saw the Cryptopia platform hacked in 2017 and lost four Bitcoins. “From that moment on, I was always looking for alternatives,” Taihuttu said. As far as FTX is concerned, the family insists that “too many influencers were paid too much money to promote that one.” The family didn’t disclose the amount they held in crypto assets. However, they did state that $1 million worth of BTC, ETH, and LTC will be moved to decentralized platforms.
Taihuttu believes that the drama surrounding FTX is very similar to what happens in every Bitcoin cycle. “It seems like we learned that lesson every Bitcoin cycle: “It was Mt Gox, it was banning bitcoin in China, it was banning mining. There is always drama,” Taihuttu said. He believes wholeheartedly that BTC is stable and does exactly what the top crypto asset does.
“Looking at the current situation: we have a big war going on, we have a big financial crisis, we have FTX, we have Celsius, we have a lot of bear market signs,” Taihuttu told CNBC. “I think Bitcoin is really holding strong at $16,800. For me, bitcoin continues to work perfectly and continues to do what it always does: be a decentralized currency that can be used by all people around the world,” Taihuttu concluded during his interview on Wednesday.
