[2018-03-11] NY Wealth Manager to Issue Loans Against Bitcoin

[maarx]

CEO Mikhail Gurevich told CoinDesk:

"We had a number of companies come to us who had raised an ICO to borrow with crypto as collateral. [There's] $1 billion-worth of demand out there."

https://www.coindesk.com/cash-hodl-family-office-offer-loans-bitcoin/

ICOs approaching for loans. Another sign of positive growth of crypto currencies. Business personalities take risk assuring that they will somehow get succeeded in crypto market by investing. Whats your opinion? Is this a good move?

[zakalwe]

I am sceptical about this. Which bank or loan company is going to take cryptocurrencies as collateral? This is just to risky because bitcoins can loose half of their value in few weeks if some bad news come out.

[Gotottack]

They are obviously doing everything they can to trample down Bitcoin. But you know what, they will fail at this move miserably because people will always find ways to earn and for now, doing Bitcoin is one sure way to profit especially when you have less appealing educational background and experience. To be really realistic about it, various governments have already spent huge bucks to stop the proliferation of Bitcoin, even going to the extent of banning the same. But you know where they all end up with, and that is, to no avail. Perhaps it is either it is really impossible to stop it or the governments, respectively, have yet to discover how to completely put a stop to it. Although on the flip side, it could be that some governments see the importance of Bitcoin in the long run, talking about being futuristic. At this point, however, we can surmise all we want but I see there is no way we can stop this innovation. Not even these loans can help minimize it.