Would it be foolish to take out a crypto loan at this stage of the bull market?

[Lucius]

~snip~

• People will not stop and feel fear if they don't experience own loses

Everything you wrote makes sense, but we are here to just give advice - and I know from personal experience that it is best if a person listens to their conscience, because that way they will not be able to blame anyone else for a possible failure. What is perhaps most important is that people really learn best from their own mistakes, because once you get burned, you become cautious with every risky decision in life - although some will not learn a lesson after that, but that is another problem.

So i decided to take a 5000 dollar loan out at celsius wallet instead of 15000, it just works better for me 15000 was being a little too ambitious i think now in hindsight i am comfortable with 5000 instead.

Most advise that a loan is not a smart move, but I personally respect your decision because it is about your money, and because you are convinced that the investment will pay off - who does not take risks, can not profit.

i thought about going all in on ethereum to regain the full ethereum coin i had but sold earlier this year or spliting it up amongst the three, what do you guys think i should do thanks

You have a problem at the beginning, you took a loan and at the same time you don't have a plan to invest in - altcoins are currently something most people invest in, but I wouldn't advise anyone to invest in a certain coin - when things go downhill it will be bloody crypto bath, and many will drown in it.

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[Kittygalore]

If you are going to loan to someone or a platform that will increase its interest based on how long you are going to repay it then I don't think that it would be a good idea to load for investing a bitcoin, that would be too risky because no one knows when bitcoin will rise. Maybe you have to change your plan, just save your money first from your job then invest it in bitcoin, by that it will lessen the risk because it is your money, you wouldn't be bothered of paying for it.

That's the problem with loan, is that it will have interest and it is uncertain whether bitcoin will go up before the interests kick in and the defaulting interest happens. I agree that OP has to change the strategy regarding this unless the loan is a good will one that will not incur interest. It will be problematic if the job is low paying since a man still have to eat.

[MrcMrc]

It depends on loan conditions and on which crypto you are taking the loan in, if it in bitcoin or ethereum I will advise you to wait until the bull run is over to avoid running into depth because of high liquidity and volume changes. But if the loan come in stable coins such as ustd you can consider taking the loan.

[quocsi]

I am looking to increase my bitcoin holdings and i am looking at taking a crypto backed loan with one of the leading platforms? i would be fine to take this loan out a few months ago but at this stage of the bull run how risky would it be ,i know a loan can be risky to begin with, but am i just playing with fire or is there a good chance it will pay off? it would be a 15000 dollar loan a 50% ltv for more information, thanks

Remember that investing in cryptocurrencies needs to be bold and have a good strategy to bring high returns. You've probably heard the saying: "Blessed to be a mandarin, have the guts to get rich". So it is a bold idea to increase your Bitcoin amount by borrowing cryptocurrency. Maybe many people consider it a danger. But maybe when Bitcoin increases in price, you can both pay the loan and earn interest. The future is hard to predict, but taking risks and taking risks can do great things. I support you.

[BrewMaster]

It depends on loan conditions and on which crypto you are taking the loan in, if it in bitcoin or ethereum I will advise you to wait until the bull run is over to avoid running into depth because of high liquidity and volume changes. But if the loan come in stable coins such as ustd you can consider taking the loan.

there is a fundamental flaw in this statement and that is at the heart of it the "bull market". first we have to determine which coin is the target for investment using the loaned money and secondly we have to determine if there is actually a bull market or a pump.

for example altcoins are  currently getting pumped and are not in a "bull market" which means investing in something that is already pumped and is in a bubble is a very foolish thing, doubly so if the money is not yours to invest (is borrowed).

but if it is bitcoin which is in a strong bull market even though it is taking a pause, then it is a different story because the risk of such a move is so much smaller.

[gabbie2010]

If you are going to loan to someone or a platform that will increase its interest based on how long you are going to repay it then I don't think that it would be a good idea to load for investing a bitcoin, that would be too risky because no one knows when bitcoin will rise. Maybe you have to change your plan, just save your money first from your job then invest it in bitcoin, by that it will lessen the risk because it is your money, you wouldn't be bothered of paying for it.

That's the problem with loan, is that it will have interest and it is uncertain whether bitcoin will go up before the interests kick in and the defaulting interest happens. I agree that OP has to change the strategy regarding this unless the loan is a good will one that will not incur interest. It will be problematic if the job is low paying since a man still have to eat.

The best answer to the OP request had been posted the loan should be obtained with a stable coin such as USDT or BUSD however obtaining loan with Bitcoin plus interest could  be disastrous and unpayable with the growing price of Bitcoin.
Personally I used to obtain loan in BTC and ETH which I used for forex trading my broker deposit requirements are in those coins but I have to put a stop in obtaining the loan  the prices of coins are too volatile for loaner.

[conected]

So i decided to take a 5000 dollar loan out at celsius wallet instead of 15000, it just works better for me 15000 was being a little too ambitious i think now in hindsight i am comfortable with 5000 instead. Yes its for 1 year at 1 percent so the interest will be very mininmal at 50 dollars for the entire year which works out to about  4, 70 a month and thats fine by me. Celsius has a clause were you dont have to wait until your contract is up to pay the principal back you can pay it earlier if you want to. Should things go south drastically i do have emergency back up funds to bail me out so thats pretty good too. All in all i feel pretty good about this transaction but now what left for me to decide is where to invest this 5000. i have a few coins i am thinking about and i decided against going all in on bitcoin. the coins iam looking at are ethereum, ada, and chainlink. i thought about going all in on ethereum to regain the full ethereum coin i had but sold earlier this year or spliting it up amongst the three, what do you guys think i should do thanks

In general, I am fundamentally opposed to the use of loans and credits, but if in this case there is a loan at one percent per year, then these are good conditions. Moreover, you are not going to invest these funds in bitcoin, which has already increased in price too much and is now really a risky investment.
Now is still a good time to buy ethereum. I would invest all my money in this coin. The ethereum network is successfully renewing, in July and October there will be more update stages and after that this coin should still rise in price well. However, of course, there is always a risk, since the cryptocurrency market is very unpredictable in its price movements.

- The capital of ethereum has also increased a lot this season, maybe new plans will officially launch in the next two months but today a reversal sign has been shown, bitcoin and ethereum have gone down rapidly, in case we have borrowed money from the previous time, we will be under a lot of pressure today. The feature of lending services helps us to increase profits more but capitalization is not in the control, a few small losses will still exhaust us to repay the debt, not sure if everything will be fine then it's best to play with what we have

[Dread Pirate Roberts]

Its so highly volatile . nobody had perfect prediction if i was you i just saying using your money you afford to lose or something you will able to hold it for a long time . and always had plan if everything not goes as your predict.

[online73]

I will not open America if I say that taking a loan or borrowing is generally a bad topic, and taking a loan in cryptocurrency is twofold more dangerous. Perhaps for someone risk is the meaning of life, but not for me. I am totally against cryptocurrency loans.

[CryptopreneurBrainboss]

I think it’d be more advisable to take a fiat, bank loan. Buy bitcoin & HODL until late 2021. The price is going to probably treble so you could easily pay the loan back & make loads of profit too, easy money.

What if this was the peak and the price keep declining as the days go by wouldn't that be a wrong decision you have made. The loan amount the OP is asking for is quite huge although we're not familiar with the Op"s financial capabilities but still I won't advice loan should be tshrn now.

If it was few months back when the shitcoin haven't started to gain from the bull market then I would had supported taking a loan to invest provided it's under your risk management that if you were to loss you won't be unstable. Taking such can if loan can be very deadly for your career in the industry.

If it was to go wrong it'll result in you spending most of your time here recovering by paying back instead of enjoying the profit yif the industry.

[kotajikikox]

I am looking to increase my bitcoin holdings and i am looking at taking a crypto backed loan with one of the leading platforms? i would be fine to take this loan out a few months ago but at this stage of the bull run how risky would it be ,i know a loan can be risky to begin with, but am i just playing with fire or is there a good chance it will pay off? it would be a 15000 dollar loan a 50% ltv for more information, thanks

Absolutely playing Fire with this mate, because never try to make a load for crypto basis work/investments.

and also never make decision out of greediness mate..

I will not open America if I say that taking a loan or borrowing is generally a bad topic, and taking a loan in cryptocurrency is twofold more dangerous. Perhaps for someone risk is the meaning of life, but not for me. I am totally against cryptocurrency loans.

Wrong, cryptocurrency loans are not that bad at all , but always consider the options , There are loaner that allows us to loan via crypto using USDT that Means the value does not increasing so meaning even how much you loaned the price will remain forever, though there are some small movement sometimes.

[davis196]

I am looking to increase my bitcoin holdings and i am looking at taking a crypto backed loan with one of the leading platforms? i would be fine to take this loan out a few months ago but at this stage of the bull run how risky would it be ,i know a loan can be risky to begin with, but am i just playing with fire or is there a good chance it will pay off? it would be a 15000 dollar loan a 50% ltv for more information, thanks

I don't understand the point of Bitcoin loans.
If you have a collateral that can cover such BTC loan,then just why don't you sell the altcoins and buy Bitcoin?You won't have to repay the loan and you won't have to pay interest rates.
People borrow money to invest in their businesses or to buy stuff.What's the point of borrowing Bitcoins just for the sake of HODLing them,knowing that you will have to repay those BTC with interest?

[sapnu]

It would be best if you are going to take loan in the form of USDT since it value is never changing, this will help you later on as you make ways on how you can repay the loan. If you are going take a loan in the form of bitcoin, considering how much it has been growing, you will surely have a hard time paying it in the end if ever it value goes to the moon. There's nothing wrong with taking loans as long as you have everything planned on how you can win on that risk you are taking. There are still more options and you should consider those too before finally taking up a loan.

[bitterguy28]

No its not , it is just how you bother to check your capacity and the availability of the funds that will be allotted for the loan you will take.

Just mind that this is the most risky part of investing and loaning.

[maxreish]

Think twice about taking some loans and put it all in cryptocurrency. Haven't you think that cryptocurrency may lead you to possible deficit fund? Its because market is so volatile. Just like what happen recently when Elon Musk announced his revoked support to bitcoin and almost all altcoins where bearish, too.

If you have some ways to earn money by your own, it is better than getting some loan for the sake of crypto investments. Look for something that can help you gain aside from getting capital in some lending platform.

[isaac_clarke22]

You're not playing with a fire, but you're adding fuel to the fire.

If you can't afford to invest in the first place, just like you can't afford to buy something that you "want", then don't loan. Work up for your savings and split that to invest to crypto. You never want to add the burden to your finance right now.