Can I take a loan to invest in bitcoin?

[Obari]

You have given the best advice so far and let he who has ears listen.
It is generally not right or advisable to borrow money to invest in Bitcoin or any other cryptocurrency because over the years, there have been cases of people who borrowed money to invest in Bitcoin and ended up messing their lives as a result of the high volatility associated with cryptocurrency. Please since the person is your friend, rather than verbally giving out your advice, I would advice that you also take it into action and ensure that your friend doesn't go against your advice of not borrowing to invest in Bitcoin.

[Fivestar4everMVP]

"Can I take a loan to invest in bitcoin" this question was asked by a friend

This is a topic that has been discussed o this forum a lot of times, though I don't think its bad to bring the matter up again as a reminder to those who must have read a topic as this before, and also as an enlightener to those that are new on this forum and probably haven't come across something like this before.

The idea of borrowing to buy or invest in bitcoin is not bad if you ask me, but the important thing is that such individual must have a backup plan, just incase the price of bitcoin does not perform as expected, the individual can fall back to his or her backup plan to repay the loan when its due, and another important thing is that the backup plan must be trusted enough not to fail no matter the condition..
This is something i have done before so I am saying this from experience, i have borrowed money before to invest in a coin, and later on, the coin did not perform as i expected, I had a backup plan and through that backup plan, i was able to settle the loan without problems or harassments when it was due ..
So any body borrowing to invest in bitcoin or any other crypto coin or token should make sure they have a backup plan, don't borrow and invest without a plan to back yourself up just incase things don't turn out the way you expect it to at the time you expected it.

[bakasabo]

My advice will be the following.

If someone wants to take a loan: 1) first - why are you asking someone for permission, as people who think about taking it have already decided to do it long time ago; 2) take the amount you think you will be able to repay. Why do people wants to take a huge risk (taking a loan) to buy Bitcoin instead of buying altcoins. With altcoins it is possible to earn more. So if you are involved in a risky deal, why not   make profit maximum? Why settle for less?

Anyway, it will be a very valuable life lesson, experience. Everyone should try obtain such knowledge by themselves.

[Outhue]

There is something about me that I don't get, whenever I borrow money or take a loan for something it always end up being a waste of time, when I discussed this with my parents they told me they noticed the same thing about themselves, things works better for me when I use my own hard earned money to invest or start a business, I don't know if this has something to do with the spiritual side of human or it's just luck. This is why I don't borrow or take loan for anything.

[Pesona1]

"Can I take a loan to invest in bitcoin" this question was asked by a friend

My reply to her is this:
It is generally not advisable to take out a loan to purchase Bitcoin or any other cryptocurrency. Cryptocurrency markets are highly volatile and the value of a particular coin can fluctuate greatly in a short period of time. This means that the value of the coin you purchase with a loan could drop, making it difficult to repay the loan. It is important to do your own research and make sure you understand the risks before investing in any financial product, including Bitcoin.

What is your advice?

My advice is better not to do it, not because we don't fully trust cryptocurrencies but it is too risky in my opinion if we take a loan just to invest or trade, aniway it is difficult for us to analyze the market as well as possible and even if we have done a thorough and detailed analysis but the possibility of loss can still occur, it's better for us to use cold money to invest, are not only thoughts due to loss or loss of money but also we must be prepared to be billed by the lender and of course this will cause a bit of a commotion if we are unable to pay off the loan.

[arwin100]

"Can I take a loan to invest in bitcoin" this question was asked by a friend

My reply to her is this:
It is generally not advisable to take out a loan to purchase Bitcoin or any other cryptocurrency. Cryptocurrency markets are highly volatile and the value of a particular coin can fluctuate greatly in a short period of time. This means that the value of the coin you purchase with a loan could drop, making it difficult to repay the loan. It is important to do your own research and make sure you understand the risks before investing in any financial product, including Bitcoin.

What is your advice?

We know people expect huge return if they invest on bitcoin but you shouldn't forget about how risky this decision you take since to many things might happen and we know how unpredictable the market is. Maybe the best thing you do is to invest first the amount you can afford to lose for sure with this you will not get hurt so much also you didn't get any more problem due to the possible interest of your planned loan. If you are pressured about the pumps happening then take it easy then breath out focus on things you own so that you will get the best result.

[jokers10]

I have taken out FIAT loans in the past and bought Bitcoin, not just Crypto, Bitcoin only!
...

It is a survival bias: probably you succeeded in this, but it is still not a role model for majority. Some can be successful in betting for years and then lose everything in an unlucky line of bets. Most others would lose everything much earlier. And just maybe some total minority will stay in the black. You can decide for yourself if a risk is reasonable but advising someone else in a risky situation is not what we can afford.

[DOH!]

Borrowing money to invest in bitcoin is not something special. I know a few people who have implemented this idea. As a result of these investment processes, some people made some money and conversely some lost money, some invested in bitcoin, and the rest became debtors when investing in luna. .. The lesson learned is in the states of always deciding for yourself. Only bitcoin can come back, some altcoins won't )

[nara1892]

You have given the best advice so far and let he who has ears listen.
It is generally not right or advisable to borrow money to invest in Bitcoin or any other cryptocurrency because over the years, there have been cases of people who borrowed money to invest in Bitcoin and ended up messing their lives as a result of the high volatility associated with cryptocurrency. Please since the person is your friend, rather than verbally giving out your advice, I would advice that you also take it into action and ensure that your friend doesn't go against your advice of not borrowing to invest in Bitcoin.

If indeed when they see this condition they are able to then do it but if it is clear that it is like suicide it seems because regardless of anything it creates a condition where we have to borrow by paying installments for months it is clear this is very difficult to do so we really don't need to force it .
We know the conditions to be in bitcoin are very good but indeed this kind of thing is clearly like a gamble where everything is risked. I think in this condition it is clear that we have to think rationally because thinking about the future doesn't have to give us trouble now.

[stomachgrowls]

Borrowing money to invest in bitcoin is not something special. I know a few people who have implemented this idea. As a result of these investment processes, some people made some money and conversely some lost money, some invested in bitcoin, and the rest became debtors when investing in luna. .. The lesson learned is in the states of always deciding for yourself. Only bitcoin can come back, some altcoins won't )

You wouldnt lose money as long you are holding it and not making some panic sell whenever the market do make out some dumping state or decreasing manner + they do have other sources of income on which they could

able to sustain up and wont really be relying into their bitcoin investment in speaking about repaying up those loan.There are people or most of them who do took loan would really be just basing and relying
into their crypto investment when it comes on repaying up their loan which its never been an ideal thing to do so.

You can take a loan whatever purpose you would be having in mind but be responsible if we do speak about repaying those.

[cydrix]

"Can I take a loan to invest in bitcoin" this question was asked by a friend

My reply to her is this:
It is generally not advisable to take out a loan to purchase Bitcoin or any other cryptocurrency. Cryptocurrency markets are highly volatile and the value of a particular coin can fluctuate greatly in a short period of time. This means that the value of the coin you purchase with a loan could drop, making it difficult to repay the loan. It is important to do your own research and make sure you understand the risks before investing in any financial product, including Bitcoin.

What is your advice?

I think it is in between good and bad since taking a loan is risky when investing in cryptocurrency but if in bitcoin like right now is a good idea.

Taking loan and putting it on crypto is very risky due to its volatility, it may not affect you now but maybe in the future. Only invest what you can afford to loss.

[Cryptodebjoe]

It all depends on the direct impact of the loan in comparison with your current financial position... Example i loaned money for a hair business for my wife but the products wasn't delivered and when they came the profit was poor and cost too high I decided to "save" the money by buying BTC only. I could never do that with any altcoin then 1 BTC was 20000USD.... It doesn't affect my feeding or rent I'm not waiting for any instant gain so I can wait on long term.... But getting a loan primarily for BTC that will affect other areas of your life isn't advisable....

[leonair]

Borrowing money to invest in bitcoin is not something special. I know a few people who have implemented this idea. As a result of these investment processes, some people made some money and conversely some lost money, some invested in bitcoin, and the rest became debtors when investing in luna. .. The lesson learned is in the states of always deciding for yourself. Only bitcoin can come back, some altcoins won't )

Taking a loan and investing that money in Bitcoin is risky but not bad. There is risk in everything.  A person who does big business tries to expand his business by taking loans from different banks.  Is his success guaranteed there? He can not lose in business? Of course it can, so think of Bitcoin investment as a business and keep it long-term to be successful. But if you don't have personal money then you shouldn't take a big loan. You have to maintain a limitation that never puts you in danger

[dunfida]

Borrowing money to invest in bitcoin is not something special. I know a few people who have implemented this idea. As a result of these investment processes, some people made some money and conversely some lost money, some invested in bitcoin, and the rest became debtors when investing in luna. .. The lesson learned is in the states of always deciding for yourself. Only bitcoin can come back, some altcoins won't )

Taking a loan and investing that money in Bitcoin is risky but not bad. There is risk in everything.  A person who does big business tries to expand his business by taking loans from different banks.  Is his success guaranteed there? He can not lose in business? Of course it can, so think of Bitcoin investment as a business and keep it long-term to be successful. But if you don't have personal money then you shouldn't take a big loan. You have to maintain a limitation that never puts you in danger

This is where risk management would really takes place because there are people who could bare up with the risk and there are ones who cant just able to accept nor able to play with fire and decides to avoid instead.

We know that each person does have different approach when it comes to  Bitcoin or crypto as a whole where they do see that its a risky and unpredictable thing to involved with but there are ones who sees about on that opportunity side of things which i could say that it is really that normal.For those who do took the risk are the ones who could potentially make out some income and to those who had play safe
would miss out those possible opportunities.

[19Nov16]

Sometimes life must dare to take risks, if we do not dare to take risks then life will be flat and difficult to change for the better, many experts believe that this year bitcoin will skyrocket to at least $ 50k, I have sold some of the assets I have to buy bitcoin , and if there is access to borrow then I will do it.

[HajiBagi]

I do not believe that taking a loan to invest in bitcoin is a good idea for you because I believe that it is a risk that can lead you to many things, such as thinking of paying the debt and also thinking about what will happen when btc prices did not come as you expected. Investing in bitcoin is a good investment, but it also has two possible outcomes: either you lose  or you have something good from it.but if you are a salary worker, however, I believe that you can take a loan.

[Cryptmuster]

Taking a loan and investing that money in Bitcoin is risky but not bad. There is risk in everything.  A person who does big business tries to expand his business by taking loans from different banks.  Is his success guaranteed there? He can not lose in business? Of course it can, so think of Bitcoin investment as a business and keep it long-term to be successful. But if you don't have personal money then you shouldn't take a big loan. You have to maintain a limitation that never puts you in danger

A business loan is justified when the business is already established and brings a stable income, when you can see for sure that you receive an approximate amount every month. Then you can take a loan and calculate what benefit you can get from it. And if you take out a loan to buy bitcoin, then you won’t be able to predict something for sure, because you need to give money to the bank every month, and there is a risk that after buying the bitcoin price will go down for a long time.

[Mr. Magkaisa]

If you are in the cryptocurrency or bitcoin business, it is not bad to take a loan, as long as you make sure that what you do is 100% correct, you are not allowed to make mistakes.

And I think, if you will use what you borrow to invest in bitcoin, I will not oppose you in that regard, I will even support you. But if you use it with another cryptocurrency even if it is still in the top altcoins in the market, I will not agree with you on that matter because the risk is very high for sure mate.

[jrrsparkles]

Loan should never become an option for an investment except you are really rich and have billion dollars in bank but want to avoid the tax so take loan and avoid tax legally.

Savings=> investment=> returns=> compounding effect

So more longer you keep investing the higher will be the returns and since you asked for buying bitcoin its more risky than traditional investment, I wouldn't even recommend selling your asset to buy bitcoin.

[jokers10]

Borrowing money to invest in bitcoin is not something special. I know a few people who have implemented this idea. As a result of these investment processes, some people made some money and conversely some lost money, some invested in bitcoin, and the rest became debtors when investing in luna. .. The lesson learned is in the states of always deciding for yourself. Only bitcoin can come back, some altcoins won't )

Bitcoin definitely can come back but we never know when and how high. If you take a loan you expect to have a gain from investing before you have to return money, but you have no guarantees that the next cycle of bitcoin with a bull trend will be soon enough. Even if it was so previously it doesn't mean it will be the same forever. To risk own money is acceptable, anyway you'll have your bitcoins. But to risk with a loan you have to return... too risky IMO.