In October 2017, Dutchman Didi Taihuttu and her family sold all their valuables and home for Bitcoin. The decision bore fruit and the Taihuttu family traveled all over the world and recently moved to the island of Phuket. Didi Taihuttu gave an interview on November 30. In the interview, he shared his thoughts on cryptocurrencies, commenting on the FTX collapse. She also talked about her method of storing cryptocurrencies. Here are the details…
Didi Taihuttu and her family keep their Bitcoin and altcoins away from centralized exchanges
The Taihuttu family sat on the crypto agenda about five years ago. The family reported that they sold almost all of their assets in exchange for cryptocurrencies. On Wednesday, the father of the family, Didi Taihuttu, announced that the family moved $1 million worth of crypto assets to decentralized exchange (DEX) protocols following the collapse of FTX. In November 2022, the Taihuttu family announced that they currently hold 73 percent of their cryptocurrencies in a cold wallet.
Taihuttu detailed that prior to his decision to proactively move funds from centralized exchange (CEX) platforms to DEX protocols, the family had stored some of the funds on trading platforms such as Bybit and Kraken. Taihuttu used the following expressions:
If you never send your Bitcoin to an exchange, your Bitcoin will stay in your own wallet, which means you have full custody of your coins. But you are connected to a DEX and by establishing this connection you trade from your own wallet. Even if the DEX crashes, it doesn’t matter, because the Bitcoins are always in your own wallet.
Taihuttu: We learned our lesson in Cryptopia hack
Taihuttu stated that he learned his lesson in 2017 when the CEX platform Cryptopia was hacked. He announced that he had lost four bitcoins at the time. “From that moment on, I was always looking for alternatives,” Taihuttu said. In the case of FTX, Taihuttu insisted that “too many influencers were paid too much to promote the exchange.” The family did not reveal the exact value of the cryptocurrencies they hold, but they said roughly $1 million worth of BTC, ETH, LTC, DOT and other tokens will be moved to decentralized exchanges.
Taihuttu says the current drama with FTX is similar to what happens with every Bitcoin cycle. “We seem to learn the same lesson every Bitcoin cycle,” he said. Then, emerging in BTC cycles, Mt. Gox drew attention to developments such as China’s mining ban. Taihuttu wholeheartedly believes that BTC is stable and that the leading crypto asset is doing what it has always done.
“Looking at the current situation, we have a big war going on,” Taihuttu says. Investor drawing attention to the existence of a major financial crisis; FTX pointed to Celsius collapses and bear market signals. However, at the moment, he stated that Bitcoin is really strong around $16,800. He also said that Bitcoin is “a decentralized currency that can be used by all people around the world.”
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