I don’t think it is very smart to do this because putting yourself in debt for an investment is not a good idea. Can’t say I haven’t thought about it. Who has the stones to admit they have done this. Keeping in mind you will most likely get flack for admitting it. I believe in New all time highs in BTC within the next 6-9 months.
I didn’t take out a loan, but I did however wayyyyy over extend myself. Things turned extremely ugly shortly thereafter, as a series of unfortunate events (and some bad decisions) really escalated things. I strong urge people to avoid putting themselves in such vulnerable situations.
I do tend to flirt with overextending myself. I haven’t been in a bad situation, but know where you are coming from.
Yeah. Get the juices flowing thinking about it.
I’ve never bought crypto using fiat ever
I have some businesses I could use as a reason to get a loan or to back the loan. They are all almost paid off, but again as much as I want to…I don’t want to go down that road. Or do I???
Poor assumption of being a responsible adult. Lol. Yeah. I can’t and won’t pull the trigger. I like the conversation and thought of it though. It wouldn’t put me in a bad position but adding unnecessary debt is never a good idea.
Oh yea! Interest Rates are killer right now. Loans and Credit Card Debt is bad for business. I read the US Federal Reserves wants to raise the rates AGAIN! The Fed is crazy in the US. It’s almost like they want the Economy to CRASH and BURN… Meanwhile, we have Russia and China downgrading their currency for cheap trade, and the EU pushing a shopping cart…
Let’s all refi our houses and go broke!
I would never do this for an investment. In fact I am holding back buying more crypto or mining hardware until I get some of my current debt more to my liking. Liking meaning it doesn’t exist.
On a more macro level fiat is created from debt so all of the money in crypto (and every market) originated from a loan. But no, I haven’t leveraged debts on crypto.
i do, at beginning of august 2017, and dump it all in btc (it may be a stupid move at that time )
but after the rapid increase in btc price taking a loan to buy btc at early wasn’t a bad idea after all
for example the money i loan was able to get 1 btc at august ($3600) rate of 1% (offer of bank) total up to ($3,636)
monthly payment of $153 for 2 years, it’s like DCA $153 every month into BTC for 2 years
if you compare buying 1 BTC with $3600
dca $153 every month for 2 years, you will get less BTC in the end with the ever rising price of btc currently ( unless btc crash till like hundred…)
well just remember don’t bite more than you can chew, know you capacity
of cause i am not talking about taking loan for day trading, HUGE sum of money where payback period is 10 ~20 years …
No interest In day trading. I don’t have the skills or want. I want to lower my cost average of coins especially in this market. And I know what I can chew
I took the loan in September, 2017. and I bought BTC at an average price of about $ 4,000.
I’m not ashamed to admit it.
My monthly repayment is the same as I would DCA-ing. With several good investments in the alt coins my portfolio has grown to 300% despite this bear market (which is ended, hopefully). The biggest mistake I made was that I did not cash out some amount in December when BTC was around $ 17,000 and had paid the loan entirely. I hope I will not do the same mistake again, but what to say I am a true hodler
Edit: if you really believe in crypto taking a loan to buy BTC is the same risk as taking a loan to start a business. IMHO
I got into BTC thanks to a successful family member who is a general surgeon and owns over 60 real estate properties. She didn’t really know what she was talking about when she telling me about it but she said “it is the future.” That was when I decided to take her advice and bought my first BTC around $2500. In less than a week it went to $3100 and I kept loading more fiat.
Thought heavily about taking out a loan and yes even up to today after the crash, I’d still be up like CRAZY but the risk of me selling when it was going down from 20k, I KNOW I would’ve sold possibly 100% of my position. That’s why I think taking a loan isn’t the greatest idea - for term short profit it can be great but you can get greedy and not get out when you should.
Using my own fiat, I know I’m poised to HODL
got given a little eth a while back.
I did it and it has been one of the best decisions of my life
Spot on, well said, ppl take loans all the time to start businesses, cryptos is way more lucrative
Loan, no but I rerouted my 401k contributions (or rather stopped them) and shuffled them over to crypto for a while which when you consider matching funds may not be 100% positive EV
I’m starting to get pretty serious about getting a loan. It makes sense to me if I set goals before doing it and don’t get greedy during a bull run.