Taking a loan to buy Bitcoin?

[LUCKMCFLY]

The signs given by the market is Bullish trend, I think it is a bit difficult for Bitcoin's price, if I was my case if I would risk taking a bank loan to buy Bitcoin. A weighing high volatility is very likely to see another Great Pump with new ATH.

Sometimes thinking different you can do that take you to think differently, take more risks and above all go against what most think, and that happens in the market, when everyone expects a movement happens but in the opposite direction. The fact that you ask for a loan to buy Bitcoin should take into account your own payment capacity, if you have to respond at least in the first payment fees.

[zanezane]

Taking a loan will be problematic for you because you can't fully enjoy the profit of buying bitcoin because you have to payback the loan plus its interest depending on how long you are going to pay for it because profiting in bitcoin doesn't necessarily make big profits the moment that you buy because big profits are long term hodling which is not ideal for loans that incurs interest.

[dunfida]

Taking a loan will be problematic for you because you can't fully enjoy the profit of buying bitcoin because you have to payback the loan plus its interest depending on how long you are going to pay for it because profiting in bitcoin doesn't necessarily make big profits the moment that you buy because big profits are long term hodling which is not ideal for loans that incurs interest.

Definitely right input for this one but the interest of your loans wont really be that much off but when it comes to duration then it wont really be that ideal.
Taking some loan for the sake of investment isnt really a bad idea but if that of something that you can risk on and you are pretty much aware of it.
If you dont like to get stressed on paying up interest on a short span of time or term then taking loan wont really be that much of an issue.

[Traderbtcc]

Can you know surely that bitcoin price increase at this time. Supposed you take loan and buy bitcoin and price fall down, then? Now high risk buying bitcoin cause it price can be fall down any time.

I bet he doesn't, probably fomo lead him to thinking that taking a loan to invest in bitcoin is a smart choice which it isn't, cause the price of bitcoin will not keep pumping forever, there will be the bearish season when it might dump below the price he bought and the next thing his collateral will be taken from him, one thing alot of people fail to know is that bitcoin is not a get rich quick scheme, the prices increase over time, it's not guaranteed that you might get a good return in 5yrs from now.

[boyptc]

Can you know surely that bitcoin price increase at this time. Supposed you take loan and buy bitcoin and price fall down, then? Now high risk buying bitcoin cause it price can be fall down any time.

That's why a person who thinks that he should take a loan must think again.

Just like the example of today, the price seemed to recover for a while and an investor can think that it's about to recover continuously but suddenly it has fallen down again.

So what if during that time he has took a loan, then he's already in loss and might take it emotional where the problem goes deeper.

[Smitty Werben Man Jensen]

ohh that's very risky mate !, taking a loan is better to open a business in the real world,
because investing is not something easy to do, indeed in the crypto world, many are successful because of investment,
but it can be a weapon that will launch you yourself, for I am taking a loan and buying cryptocurrency is something to avoid.

[isaac_clarke22]

Can you know surely that bitcoin price increase at this time. Supposed you take loan and buy bitcoin and price fall down, then? Now high risk buying bitcoin cause it price can be fall down any time.

That's why a person who thinks that he should take a loan must think again.

Just like the example of today, the price seemed to recover for a while and an investor can think that it's about to recover continuously but suddenly it has fallen down again.

So what if during that time he has took a loan, then he's already in loss and might take it emotional where the problem goes deeper.

It still a walking on eggshell situation.
If you're gonna loan, you're entirely sure that you can pay and not relying on probabilities from instabilities to be able to pay.
Don't want to end up paying loan by loaning again.
That would just dig myself in my own grave deeper.

[boyptc]

Can you know surely that bitcoin price increase at this time. Supposed you take loan and buy bitcoin and price fall down, then? Now high risk buying bitcoin cause it price can be fall down any time.

That's why a person who thinks that he should take a loan must think again.

Just like the example of today, the price seemed to recover for a while and an investor can think that it's about to recover continuously but suddenly it has fallen down again.

So what if during that time he has took a loan, then he's already in loss and might take it emotional where the problem goes deeper.

It still a walking on eggshell situation.
If you're gonna loan, you're entirely sure that you can pay and not relying on probabilities from instabilities to be able to pay.
Don't want to end up paying loan by loaning again.
That would just dig myself in my own grave deeper.

That's true.

Some situation really got into that trouble as you've said. Their solution is another loan when they're not yet ready to sell those bitcoins that they've bought.

Just buy when you're ready with your own cash and save to buy bitcoin not loan.

[carlfebz2]

Can you know surely that bitcoin price increase at this time. Supposed you take loan and buy bitcoin and price fall down, then? Now high risk buying bitcoin cause it price can be fall down any time.

That's why a person who thinks that he should take a loan must think again.

Just like the example of today, the price seemed to recover for a while and an investor can think that it's about to recover continuously but suddenly it has fallen down again.

So what if during that time he has took a loan, then he's already in loss and might take it emotional where the problem goes deeper.

It still a walking on eggshell situation.
If you're gonna loan, you're entirely sure that you can pay and not relying on probabilities from instabilities to be able to pay.
Don't want to end up paying loan by loaning again.
That would just dig myself in my own grave deeper.

That's true.

Some situation really got into that trouble as you've said. Their solution is another loan when they're not yet ready to sell those bitcoins that they've bought.

Just buy when you're ready with your own cash and save to buy bitcoin not loan.

There are people who are really ready to play with fire even if they do know the risk but still they do really proceed on taking a loan inspite of the risk attached to it

but if they can be sure on repaying those amount on said due date then there's nothing wrong with that as long you would really be responsible on what are your obligations.

Taking a loan isnt really recommended since do really need to pay up some interest in a short span of time and if you rely with your crypto earnings then better not to make investment at
all and would be better if you do wait up for the right time when you do actually have some savings.

[boyptc]

There are people who are really ready to play with fire even if they do know the risk but still they do really proceed on taking a loan inspite of the risk attached to it

but if they can be sure on repaying those amount on said due date then there's nothing wrong with that as long you would really be responsible on what are your obligations.

Taking a loan isnt really recommended since do really need to pay up some interest in a short span of time and if you rely with your crypto earnings then better not to make investment at
all and would be better if you do wait up for the right time when you do actually have some savings.

Well.

They just do whatever they want if they want to. But I've said that it's not a good idea to take loans. Go ahead if they can pay the interest before the due dates.

[trigger1975]

Do you think taking out a loan makes any sense?

No – trading and investing with any asset (no matter which) shall only be done with capital you can afford to lose.  Greed is a very bad advisor on financial decisions. If price does not what you want, can you stand the heat to follow your plan and exit only where you've decided before?  Or will you hold no matter what unless you cannot stand the pain anymore?  What then?  Revengetrading?  Don't do it.

[conected]

Do you think taking out a loan makes any sense?

No – trading and investing with any asset (no matter which) shall only be done with capital you can afford to lose.  Greed is a very bad advisor on financial decisions. If price does not what you want, can you stand the heat to follow your plan and exit only where you've decided before?  Or will you hold no matter what unless you cannot stand the pain anymore?  What then?  Revengetrading?  Don't do it.

- But facing a big benefit and you don't have enough capital to trigger this reward, how would you do it, accept giving up and see as not seeing it or more ambitious to find out how to activate it. Typically myself in this case, at least I would still write on my spreadsheet a calculation between gain and loss, may not guarantee success but as soon as the calculation has many big breakthroughs and good opportunities through loans, I won't refuse to take risks for success, the future is not only about thinking about failure but it is still possible to think about success

[trigger1975]

Do you think taking out a loan makes any sense?

No – trading and investing with any asset (no matter which) shall only be done with capital you can afford to lose.  Greed is a very bad advisor on financial decisions. If price does not what you want, can you stand the heat to follow your plan and exit only where you've decided before?  Or will you hold no matter what unless you cannot stand the pain anymore?  What then?  Revengetrading?  Don't do it.

- But facing a big benefit and you don't have enough capital to trigger this reward, how would you do it, accept giving up and see as not seeing it or more ambitious to find out how to activate it. Typically myself in this case, at least I would still write on my spreadsheet a calculation between gain and loss, may not guarantee success but as soon as the calculation has many big breakthroughs and good opportunities through loans, I won't refuse to take risks for success, the future is not only about thinking about failure but it is still possible to think about success

It's not about avoiding the risk, it's a matter of risk management.  And there is nothing wrong in taking loans to risk something for success – a lot of entrepeneurs have to take loans to start their business for their own success.  The difference is a solid plan to follow in putting liabilities at risk and to follow that plan.

But he doesn't sound like he has a solid plan on this except take a loan, buy coins and hope for the best. Sure it can be successful and make another 20%, 30% or even 100%.  But he can also catch the wrong time before a major correction. Then what?  Will he have the plan and balls to cut his losses short?  Or will he think: ah, wait a little longer, it'll come back and give me my profit and then wait a little longer and longer unless he can't stand the pain …

He wrote: "I want to get on this rocket and I think any minute it could be too late as there is already all kind of heat shooting out of the rocket." and that's classical FOMO and that's no good advisor.

My point of view: don't do it.

[cyriljundos]

I think what we are seeing right now is a rocket that is launching. I want to get on this rocket and I think any minute it could be too late as there is already all kind of heat shooting out of the rocket. It is hard to get on at this time. So I am considering to take out a loan of say 20.000 Euros. It wouldn't kill me if it fails but I don't think it will fail. Even if it crashes it will come back 2 or 3 years later. And yes we might eventually end up seeing prices of $100M per Bitcoin or maybe $1B. I am saying this not so much because I think Bitcoin is a great invention. I am saying it because I think the Euro and the USD are currently collapsing. Now since Elon has gotten on others will get on. And eventually the government can not make Bitcoin illegal anymore because too many people are heavily invested.

Do you think taking out a loan makes any sense? The problem is that right now I can not do it because due to the lockdown my income is too low. I would have to wait for the lockdown to end. Then I can work night and day for a month so that I end up making like $7000 within a single month. With that I will easily get a loan of 20K maybe even 50K who knows?

Do you think it is worth it? This might be a once in a lifetime chance.

it depends on you if you have the guts and skill to loan big amount of money and invest it in crypto world its totally fine, if you have the skills in trading and yes you can double up your money even more . 450k is so much its a good investment though. just be wise in trading .

[tbterryboy]

There is one more thing that I always say. Let's say you can "save" 300 dollars a month, there is nothing wrong with taking out a loan that has 300 dollars payments monthly as well. Sure there could be the fact that if something wrong happens and you need money urgently that would be sad but I am sure it will be difficult anyway, whereas if you can take out a loan that you can pay easily no matter what, I suggest doing that anything you can.

I like taking out 1-2k loans for example, that way I pay about 100 bucks a month and be done with it in just few months and I just use that money to invest into things whenever I want instead of waiting for months. Of course do not withdraw loans that you will have hard time paying, I never take out a loan that I would need the investments to pay, I rather pay my loans with my salary and just grow my investments in size.

Those people do not make any sense at all, I have a friend who took 60k for 3 years and he would literally pay half of his salary just to loan for 3 years, that was his deal with the bank and if he had to, he would definitely crash and would fail because he had other costs as well for living which is why paying half of your salary to bank for 3 years made zero sense to me. He was thankfully lucky and bitcoin prices went up a lot and he paid most of it already, so he is lucky but I would say what he did was one of the stupidest things I have seen in economics, that was basically forcing yourself to poverty if he was unlucky.

In any case I do like smaller loans, tiny loans, they may not look much but if you do that 4-5 times and then get lucky with a big run like what happened in the last year, you could actually end up with a very decent portfolio.

[boyptc]

it depends on you if you have the guts and skill to loan big amount of money and invest it in crypto world its totally fine, if you have the skills in trading and yes you can double up your money even more . 450k is so much its a good investment though. just be wise in trading .

That can even be burned in trading. It is easy to advise if he has the skills in trading but even the skilled one should avoid doing this.

I've seen in the past about those individuals asking for investments and loans because they're making money in trading. There's no sense in that because you might just pushing yourself to a bigger debt.

Avoid taking loans to buy bitcoin. I've heard of some success stories about those folks who sold everything for bitcoin and even took loans for it but heard many that had shared bad fate with the same strategy.