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Author Topic: Do not invest in Bitcoin with a borrowed money  (Read 571 times)
Victorybit1
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November 10, 2023, 05:46:22 PM
 #61

It is wrong to borrow money to invest in anything and to start a business without a business plan. It's better to save up the capital and start, and over time, you can take a loan to support the business. I have a neighbor who borrowed money from people for forex trading, and now all those people are pressuring him to repay them.
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November 10, 2023, 10:28:49 PM
 #62

That's a really insane thing to do, because I can't imagining using money borrowed to make an investment in Bitcoin. Bitcoin as we all know is really volatile asset and using money that you borrowed that is supposed to have fix payment date for an investment on something that can take long before it can actually yield profit, isn't really the coolest way to go about it and I believe people that actually do this are those that are off the wrong impression of Bitcoin and the get-rich-scheme they think Bitcoin is, because so many people are of the thinking that Bitcoin is actually an asset that can make rich over night which is a very wrong impression of Bitcoin.

Yea, that's right, it's not actually wise to invest loaned money in Bitcoin, mostly loans that have some sort of huge interest rate and a deemed period of repayment, but I was suggesting taking a free interest loan from relatives, although it depends on how suddenly they will also want to use the money. If one is lucky to have relatives who prefer to save fiat in the bank for a number of years, then it will be easier for the person to request the loan with a promise of repayment in a 5-year interval, when the bull market will likely be on by then. If the person is even lucky enough to buy at the very bottom of the market, they can make some profits when the market begins to go up a bit.

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November 11, 2023, 03:43:10 AM
 #63

If you wan borrow do business when e go lose which money wey you go use pay people so waitin I wan tel you is that make just dey wait until you saved beta money before you go start say you wan do business because now wey bitcoin price dey 37k and you cum look am see sey bitcoin price now wey the price 37k sey if e com down you go buy, e beta make you buy now and when you lose e go no say you don lose, so if buy now wey the price dey 37k and e reach tomorrow the price cum down to 20k and you lose how you go do the money wey you go borrow,me I no go tell you make you come dey use borrow money for investment,  e no make any sense

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