blaspheme this is and long term we all know that bitcoins can only ever go up and you know that story about
tulips crashing ? Well it was a lie from the devil.
My religion forbids me from gambling out the credit card and being a christian we prefer to call it investing if you
don't mind please so as proof of the powers vested in me I will sink this post down to the bottom of the forum using one of my
lead weights.
Topic: Maxing Out Credit Cards to Buy Bitcoin - page 2. (Read 229 times)
this is really troubling. I had some coworkers who wanted in back in december. I told them it was likely going to drop/burst at some point, but they invested a small amount. However, they only invested money they were willing to use. hopefully they'll be even at some point this year, but nobody did anything crazy. So many of us got lucky and got into it back when it was affordable. I feel bad for those trying to break in, even when it's only at 10.5k right now
A recent survey of Bitcoin investors found that 18% purchased their cryptocurrencies with the use of credit cards, according to the consumer group LendEDU.
It gets even worse. Of those investors that used credit cards to purchase Bitcoin, 22% had not paid off their card balances. What’s more, 70% argue that the interest they’re paying on that credit card debt is worth the price of owning Bitcoin.
Even more concerning, 88% of the survey respondents say they plan to pay off their credit card by selling their Bitcoins. In other words, to free themselves from their cryptocurrency-induced credit card debt, these investors have to see the value of Bitcoin rise considerably—since they’re also likely looking for investment gains.
Of course, these investors are ignoring one big thing: the significant risk that bitcoin could fall in price, which it has—dropping almost in half since its peak in December.
With the average credit card APR at 16.67%, borrowing $5,000 to buy Bitcoin could add potentially thousands of dollars in debt if they’re paying back the credit card bill with monthly minimums while awaiting that Bitcoin to boom.
http://time.com/money/5117306/buying-bitcoin-investors-crazy/
It gets even worse. Of those investors that used credit cards to purchase Bitcoin, 22% had not paid off their card balances. What’s more, 70% argue that the interest they’re paying on that credit card debt is worth the price of owning Bitcoin.
Even more concerning, 88% of the survey respondents say they plan to pay off their credit card by selling their Bitcoins. In other words, to free themselves from their cryptocurrency-induced credit card debt, these investors have to see the value of Bitcoin rise considerably—since they’re also likely looking for investment gains.
Of course, these investors are ignoring one big thing: the significant risk that bitcoin could fall in price, which it has—dropping almost in half since its peak in December.
With the average credit card APR at 16.67%, borrowing $5,000 to buy Bitcoin could add potentially thousands of dollars in debt if they’re paying back the credit card bill with monthly minimums while awaiting that Bitcoin to boom.
http://time.com/money/5117306/buying-bitcoin-investors-crazy/
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