Topic: Taking a loan to buy Bitcoin? - page 8. (Read 4700 times)

No wonder so many people are getting greedy now to see the price of Bitcoin continue to rise. But not because we want to get big profits, then do
things that are risky. Borrowing money is only for urgent needs, because if we owe mainly to banks, there is an obligation to pay installments.
While the Bitcoin price is very volatile, we have to learn from what happened in 2017. Many people become FOMO and finally decide to buy Bitcoin
with borrowed money. Then what happens is that many people end up having problems after the Bitcoin dump in 2018. So always buy Bitcoin with
the money that we can afford to lose.

what is that job where you can earn 7k per month . 7k per month is not bad and if im earning that much i wont be thinking of taking a loan .

 sorry but i wont let you loan a money to buy a btc  .

 i know that when someone buys a btc the price of btc can increase but i dont want to be selfish this time because i dont want anybody to suffer for my own good but there is that lockdown that prevent you from doing what you planned .

Never do the investment with the money which you can not afford to lose. Sooner or later you will regret it if the BTC price goes back to the $20k, the loan amount is not small but it is not enough to buy a single BTC. I suggest buying the BTC amount which your monthly salary lets you afford this investment. If you lost the loan amount by making wrong trading decisions caused by greed or other emotional decisions, you will feel worse than not investing in the pumping crypto.

Gambling with volatility is a good thing to do only if you used your own money. You won't feel the pressure that you need to win or lose.

Using money via a loan to buy bitcoin then sell later won't work easily as planned. What if no movement in a week, month, or year, or the worst, a bear market happens.

Forget those loans and try to find crypto-related jobs even with a small payout. Or use a loan to setup a business then use the profit to pay the loan slowly while saving to buy Bitcoin in small batches.

One thing you do only mind of about taking a loan is that you should really able to repay it when its due and never intend to make your crypto investment
to be the ones to be paying up those interest or those total loaned amount because you would be fucked up.

Its not really ideal to take this kind of measure on taking loans and it would be better if you do borrow neither from your loved ones or friends
rather than getting this kind of payment responsibility.

If you do see that kind of opportunity in the market then always reconsider on such making decision.

Taking loan is not a good idea from my perspective. Because you have to pay more then they give to you as their profit or interest rate and it is fixed for all who want to take the loan from bank. I have an experience and that was not so good. That's why, I am saying it. If you think, you can make it by managing other factors then you may go.

Investing without knowledge is a gamble.  Likewise, people who borrow money from a bank and invest only thinking of profits without seeing the big risk in front of them are an example of betting.  The words of the OP have often appeared in this forum, even if he is diligent in reading he might be able to find various human perspectives regarding BTC investment with loans.  I don't find this thread interesting, just like someone intentionally posting just for the sake of making this thread a field for their posts.

We can really say that for people who are not knowledgeable yet about bitcoin since they might lose everything if they don't know how it works in the first place,  but if you know how to handle it in terms of investing and trading well maybe taking a loan is also great since the possible return is so big that's why we should be careful upon dealing to anyone and anything to avoid any Ponzi schemes.

^ I have been advised this so many times here in the forum, never take a loan just to invest in crypto. It will probably like a double edge sword if you will lose both the amount that you lent and the capital you invested if you won't able to gain profit. A good suggestion that you only invest what you can afford, not even your one-month family budget, it should always extra money that comes from your pocket. However, you can set aside maybe 10% of your monthly salary and invest in cryptocurrencies, in that way, you did not feel hard losing money.

Before bitcoin can get to such high price, it will really take time, like you said we have to be very realistic because normally If we are not realistic, we can end up out money into investing and results to losses. Setting $100 thousand is also still very high because it can take bitcoin long time before it achieves $100 thousand not to talk of $1 million, but the day such will happen will come but can take a very long time.

Firstly, let me tell you that you have made the right choice by asking for other people's opinions about it before you go into it. That shows that you will be teachable and will be able to make use of any idea given to you. £20,000 is not a small money though. But it all depends on your own capacity. The question here is that how do you plan to pay back the loan if the Investment doesn't go as planned and you have to wait for years before something good can come out of it? What are the provisions in place. And when you said BTC reaching $1B, I smiled though it's very possible. But sometimes we have to be realistic.

Just don't take loan what they can't afford to pay and to lose. Whether they have other source of income, that doesn't mean that they should loan it just for taking the risky investment such as bitcoin.

There's a strategy that they can follow if they really want to invest.

And that's the DCA, dollar cost-average.

If I were in OPs position I wouldn't risk taking a loan just because they have seen a promising outcome of Bitcoin this time. Cryptocurrency is always unexpected in terms of prices if you are here in this market for a long time you'll know how it works. Using "IF" only will not guarantee the outcome, we should always minimize the risk of losing.

Thinking like this will not remove the possibility of losing everything since trading isn't always a win-win factor to be relying when someone is taking a loan. There's a lot of issues about this in the past and OP shouldn't take the loan that easy because what he was talking about is just the possibility — the possibility to lose or to win.

If you believe that you will recover yoir loan in few days and you will earn some profit than its all right. No issue with loan but if there is not sure that you will earn and price may be down then my advise "stay away from loan" invest which you can afford.

When I read the topic I was going to say No at first and when I finished reading the post and the explanation you have made, I don’t know if I should tell you a yes or no. What were you doing all this while when the price of Bitcoin was very low?

If you said this when the price of Bitcoin was $20,000 or less I would have said a yes based on the explanations you have made and also because back then o had a strong believe that the price will get to $30,000. But this time around I can’t tell where we are heading to, although I have seen the news of Elon Musk and Tesla and Microstrategy and the rest of them, but I still can’t tell you for sure.

I'm also looking at a loan but I am also making sure I can switch from Bitcoin to other cryptos quickly. I have alerts set up to let me know of price swings - too low, get into something else, above my high limit, draw off some of it so that I am left with my original stake.

At the average growth of Bitcoin since I came back to the market last year, I will have earned the entire interest on that loan within 5 months, and be able to repay the loan within 8. It is for 36 months.

It would be wise to make a spreadsheet to show what happens to your stake versus swings in price, especially looking at what gains have been made before.

It is also important to be aware of the outside, non crypto world.

Remember Jamie Diamon (boss of a big bank) saying Bitcoin was a scam (I think in 2017)? I was in the market then, and took that as a sign that he and the big banks are scared. I left when the Chicago Exchange announced they were going to quote futures in Bitcoin. One big boy from the conventional market will try to bend that market. Price went from around $20k to $8k in weeks.

Now look, the richest man in the world invests and several other major players are thinking about it. I have seen forecasts from large banks saying the price will hit anything from $100k to $600k by the year end. I don't believe that but what I do know is that it is important to do research.

That does not have to mean hours of dull reading. There are plenty of sources offering newsletters. Read the headlines and watch for anything that will lift the price then read the detail and make your judgement on if that will hit the price and if so, which way.

Also, watch mainstream news, search them for mentions of bitcoin and keep an eye out for articles mentioning it. Recent gains have attracted the Guardian, Express big UK newspapers) as well as the BBC.

There's no such thing as bad publicity! The wider that Bitcoin is known, the more it is accepted.

The point of skimming profits is so that if the market goes south, you can make the payments on your loan until it recovers.

Crypto is the future.

This is my opinion and I encourage you to make sure that if you take a loan, that you can afford the payments. HTH

This is what I said about facing possible results and since they have multiple sources of income they can be able to repay the loan without defaulting it and they can make the lost money with their other investment profits later on.

It is risky to get loan to buy bitcoin at this time. Bitcoin is about to reach and this is a psychological level and we can see a pull back once bitcoin touches 50K. If you take loan to buy bitcoin and then bitcoin dumps, you will be in a big loss. I would never recommend anyone to buy a volatile currency like bitcoin by taking loan. You should only buy bitcoin with your own money which you can invest for long term.

I will rather sell some of my property to invest in crypto instead of borrowing into lending or banks with very high interest rate the market condition right now is so bullish that you can really think of having a loan if you have no enough money to invest in crypto but its too risky you will end up losing more money or you will also earn huge and paid your loan in advance if the market favors you this is like a gamble you really dont know what will happen always think 100x before spending huge money in crypto.   

If they have it then yes, Other sources of income means that they are  capable of paying the loan.

Whatever happened with their risky investment, they have money to pay for it coming from he's own pocket, it's worse if he'll loan then if he failed he'll look for another lenders just to pay his previous loan, either use your  spare money or you have many sources of income and not just your monhtly or weekly salary that you are using for your family or your own personal needs.