Bitcoin keeps soaring higher. And people have started to do creative things to get in on the action.
Some have even taken out mortgages to buy Bitcoin, while others are purchasing the cryptocurrency with credit cards, a securities regulator, Joseph Borg said recently.
Bitcoin’s price has exploded over the last two years, and touched a new all-time high on Monday. Its rapid ascent, and the cottage industry that has started to grow around around it, have both galvanized investors’ interests and elicited their fair share of criticism.
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Betting It All On Bitcoin
Most people have heard of “that Reddit guy” who took out equity on his house to buy bitcoin earlier this year. His daring investment, made when bitcoin was trading at around $3,000 a coin, has paid off so far. But if Joseph Borg is correct, such cases are no longer isolated, and the higher bitcoin climbs, the greater the risk credit-takers face.
Many even use Credit card to buy Bitcoin
Mortgages and equity aren’t the only means by which people have been scrambling to free up funds for bitcoin: major sites such as Coinbase accept credit card payments. So long as bitcoin keeps rising, buyers can pay off their monthly credit card debt with their profits. A major correction, however, would leave investors indebted and liable to defaulting on their loans.
Credit – Business Insider