Bitcoin Forum

Hey guys,

i'm gonna get a bank loan (1000$ @ 13% annual interest rate) and buy BTC. is it a good option??

pls advice.

As long as you're aware of the risks which investments in cryptocurrencies carry with them, and you're ok with the possibility that you might lose those 1000$ it's ok. It will most likely be worth it but there is possibility that you might lose your money. In the end it's a risk and the choice and the consequences of the choice (good or bad) are yours alone.

My advise is to buy crypto equal to 50% of your savings max. Don't forget you need your own countries FIAT to buy food and etc.

Getting a loan is not a wise choice. Of yourse it could work, but you also can loose it.

i would suggest bitcoin is at all time peak so better wait for the better price and then buy i would also suggest to check other alt coins at less price to buy and hold

This is really really stupid. Don't get a loan to gamble your money. That is complete degeneracy. Work at a job and save up some money. Transfer that money to bitcoin. If Bitcoin crashes you won't be doomed to pay interest. 13% annual interest rate is huge! Don't do this to yourself.

Actually I was thinking about it last time when Bitcoin was $2,000 plus but that moment I never thought it will bubble up to $11,000 today so I regret. I suppose doing it while the iron is hot.

That is a terrible idea for several reasons.

Bitcoin is extremely volatile, and this means that there is a wide spread, and any future price rise needs to cover this for both the buying and the selling.
The price of Bitcoin is being manipulated, and it may go down for a sustained period, or shoot up to provide quick profits. Buying Bitcoin is a long term investment in my opinion. Trading the coin is extremely risks.
13% is far too high a rate for a loan, you should be able to get one for 2-4%
You should never borrow money for high risk speculation such as Bitcoin.

Would strongly advise against that.
Bitcoin still is a risky business, so the money you put in it should be money that you can afford to lose.
Right now we see some major fluctuations.
And because of the speed we see that happening at the moment, I suppose even the traders are uncertain if bitcoin can hold the present price level.
Money you got from a loan, you have to pay back at some point. It would be unfortunate when that point comes exactly at the moment where bitcoin is in a set back phase.

Yeah... terrible idea, big risk.

Save your own money and invest slowly... :-\

I couldn't agree with this more. There is a common saying that I'm sure we've all heard but it couldn't be more true, especially in this situation: Only invest what you can afford to lose.

I would suggest if you are wanting to get into the market, either do it with a lower amount that you can afford or (as has been suggested) wait and save up until you have what you think is a suitable amount and then invest.

If there is one that you can rely on in crypto investing/trading it's that there will always be another pump and another dump. The market is highly volatile and highly influenced by major players who make the market hard to predict for us average investors.