We don't advise this but some guy did it.

[The Sceptical Chymist]

I don't think it's right to take a loan to speculate on any market.

OK, thanks for the clarification--when I see 'right' I don't see the same word as 'smart' which is what you meant.  But I'm being a pedantic, semantic picker of nits and I absolutely agree with you in any case.

And yeah....people just buying gold/silver now are probably the kind of speculators who wind up buying high and selling low.  It's true that nobody can predict the market but just looking at the 6-month price chart for both of those metals tells me that at the very least it's super risky to be buying.  I tried to explain this mentality to a friend the other day, where in asset markets people want to buy when prices are rising whereas if you were out buying a washing machine you wouldn't be rushing out to buy at the highest price.  It's nutty if you think about it.

[JiiBs]

So this guy, from 9 years ago took a $325k loan to buy 191 BTC. A dumb idea for most people including me and the same thoughts of people who's seen this from a reddit post almost a decade ago.

I don’t think it a dumb idea neither would I advise it. There is a lot of uncertainties that surrounds this kind of investments, but especially for a highly volatile field like Bitcoin which, you are always going to be uncertain of the market outcomes until you are out.

It’s a very risky move but, one that might prove worth taking in this case and surely would be all he had hoped for as, the profits is now way high with today’s Bitcoin price.

[Patikno]

The guy has deleted his account, we don't know what has happened after all of these years. But maybe he's sold already from the past cycles and probably still hold some, no one knows.

From this story, we can learn an important lesson: a reminder to anyone who thinks Bitcoin can make money quickly, and I suspect there are still people out there who think the same. If he hadn't taken out a loan and simply purchased Bitcoin using the proceeds from selling his belongings/property, I believe he could still have invested in Bitcoin long-term, meaning he wouldn't have had to worry about the monthly costs of the loan.

By the way, this post reminds me of a news story about a Dutch businessman who sold his house and several other belongings to buy Bitcoin. I have even more respect, and admiration for people who take such a route to buy, or invest in Bitcoin.

Here is, one of the reference : binance.com - Dutch Man Didi Taihuttu Sells House for Bitcoin, Amazingly Turns $300K Into Millions

[livingfree]

We highly advise not to take any loans just to invest in Bitcoin. It's still best to have nothing to worry with monthly payments and interest as you invest in it.

While I agree with your opinion, I have to ask:  who are 'we'?  The way you've worded your post makes it sound like you're speaking for more people than yourself.  It actually comes off like you're part of a financial advisory firm....that's not the case, is it?

I just used we for generalizing as it's majorly known that we advise that people shouldn't take loans for investing in Bitcoin.

But if that doesn't count the others, then it's an opinion of the few or mine.

From this story, we can learn an important lesson: a reminder to anyone who thinks Bitcoin can make money quickly, and I suspect there are still people out there who think the same. If he hadn't taken out a loan and simply purchased Bitcoin using the proceeds from selling his belongings/property, I believe he could still have invested in Bitcoin long-term, meaning he wouldn't have had to worry about the monthly costs of the loan.

By the way, this post reminds me of a news story about a Dutch businessman who sold his house and several other belongings to buy Bitcoin. I have even more respect, and admiration for people who take such a route to buy, or invest in Bitcoin.

Here is, one of the reference : binance.com - Dutch Man Didi Taihuttu Sells House for Bitcoin, Amazingly Turns $300K Into Millions

That is true, there are still people who think the same and if haven't done yet, it's part of their plan.

But that man Didi is different from this guy, he has sold his house and didn't take a loan in belief of Bitcoin.

It’s a very risky move but, one that might prove worth taking in this case and surely would be all he had hoped for as, the profits is now way high with today’s Bitcoin price.

Even so, it's a risky take on how they do it with their own finance's.

If ever that guy hold his bitcoin until this moment or i guess sell it off at the all time high of the market is profitable already but if you tried to check its 9 years ago, imagine a lot of things happen on that and even gets a pandemic previously so for sure some of his holdings are already sold and now becomes one of the story added in the history of the bitcoin that sold their bitcoin. Well cant blame them because we did not expect there's a bitcoin demand right now compared from that years.

That is true, a lot of things have happened for all of those years and it's likely that he's sold during 2021 and possible for some instances of his life.

But no one knows, we've been seeing a lot of dormant wallets waking up lately.

[Darker45]

~snip~

OK, thanks for the clarification--when I see 'right' I don't see the same word as 'smart' which is what you meant.  But I'm being a pedantic, semantic picker of nits and I absolutely agree with you in any case.

And yeah....people just buying gold/silver now are probably the kind of speculators who wind up buying high and selling low.  It's true that nobody can predict the market but just looking at the 6-month price chart for both of those metals tells me that at the very least it's super risky to be buying.  I tried to explain this mentality to a friend the other day, where in asset markets people want to buy when prices are rising whereas if you were out buying a washing machine you wouldn't be rushing out to buy at the highest price.  It's nutty if you think about it.

Interestingly, I guess that's how the general public moves. Most are sheep. That's true not just in the gold and silver markets but also in stocks, Bitcoin, and especially in the larger cryptocurrency market where many badly missed the right timing on NFTs and meme coins and whatnot.

Most won't mind an asset much until it explodes. Unlike seasoned investors who make careful analyses, try to predict using fundamental and technical bases, gauge sentiments, have a sharp sense of foresight, and so on, the general public's interest is only awaken once an asset pumps and is making headlines. But, as has been advised, you don't buy the news. You sell the news and buy the rumor.

[Finestream]

There are two options to build wealth from bitcoin, that is lump sum buying and through consistent DCAing.

However, its obvious that this person has so much greed to make money and expect to make it happen fast, that's why he came up with a dumb idea because at that time, that's the best solution for his goal.

But there are no regrets that come first, its always happened in the end. And by that time, he might be facing so much depression on how to achieve his target because his loan interest keeps increasing high, while his target profits are not yet totally achieved.

[Lida93]

The guy has deleted his account, we don't know what has happened after all of these years. But maybe he's sold already from the past cycles and probably still hold some, no one knows.

One thing about taking loan is that you would be pressured to sell off earlier than you had planned just because you need to pay back the loan within or before the timeframe given for repayment elapses. And what am probably thinking right now is that the young man didn't hold those bitcoins for long enough, may be if too long was just one cycle from when he took the loan. I would always stay on the part that recommend not taking a loan to invest in bitcoin, use what you have and can afford to be patient with even when market seems to be crashing.

[fikrett]

The guy has deleted his account, we don't know what has happened after all of these years. But maybe he's sold already from the past cycles and probably still hold some, no one knows.

One thing about taking loan is that you would be pressured to sell off earlier than you had planned just because you need to pay back the loan within or before the timeframe given for repayment elapses. And what am probably thinking right now is that the young man didn't hold those bitcoins for long enough, may be if too long was just one cycle from when he took the loan. I would always stay on the part that recommend not taking a loan to invest in bitcoin, use what you have and can afford to be patient with even when market seems to be crashing.

I too stand by this point.

You may do it only if you are in the dire situation and because there is basically no way back from it.. Last resort option, even if it's risky - you are already bad enough situation-speaking.

If you are not in such conditions - the best way is a stable way.

[MagnificentX]

The guy has deleted his account, we don't know what has happened after all of these years. But maybe he's sold already from the past cycles and probably still hold some, no one knows.

One thing about taking loan is that you would be pressured to sell off earlier than you had planned just because you need to pay back the loan within or before the timeframe given for repayment elapses. And what am probably thinking right now is that the young man didn't hold those bitcoins for long enough, may be if too long was just one cycle from when he took the loan. I would always stay on the part that recommend not taking a loan to invest in bitcoin, use what you have and can afford to be patient with even when market seems to be crashing.

One thing that struck my mind is how much or how well did this person get to know and understand Bitcoin before he went for the loan. Maybe someone must have introduced it to him and at that time, the price must have been showing progress and he might have been motivated into taking a loan of such amount to buy the amount of coin he bought. Knowledge they say is key and power in the hands of an ignorant person is worthless. I am not calling him foolish for buying Bitcoin but rather I say that because I don't really believe he had the proper knowledge on how volatile Bitcoin is.

[livingfree]

The guy has deleted his account, we don't know what has happened after all of these years. But maybe he's sold already from the past cycles and probably still hold some, no one knows.

One thing about taking loan is that you would be pressured to sell off earlier than you had planned just because you need to pay back the loan within or before the timeframe given for repayment elapses. And what am probably thinking right now is that the young man didn't hold those bitcoins for long enough, may be if too long was just one cycle from when he took the loan. I would always stay on the part that recommend not taking a loan to invest in bitcoin, use what you have and can afford to be patient with even when market seems to be crashing.

We don't know what has happened next. But that tendency is very likely if the guy doesn't have other sources.

He probably have sold a massive amount from that holdings he's got as long as he's in profit to pay the interest.

There are two options to build wealth from bitcoin, that is lump sum buying and through consistent DCAing.

However, its obvious that this person has so much greed to make money and expect to make it happen fast, that's why he came up with a dumb idea because at that time, that's the best solution for his goal.

But there are no regrets that come first, its always happened in the end. And by that time, he might be facing so much depression on how to achieve his target because his loan interest keeps increasing high, while his target profits are not yet totally achieved.

I don't want to think that he ended up badly and failed with this lump sum that he did.

But we really can't advise people to take loans and use it for buying Bitcoin for so many reasons.

[Sonia_123]

So this guy, from 9 years ago took a $325k loan to buy 191 BTC. A dumb idea for most people including me and the same thoughts of people who's seen this from a reddit post almost a decade ago.

If you guys read it from that post : https://www.reddit.com/r/Bitcoin/comments/6a3lvd/today_i_took_out_a_325239_equity_loan_on_my_house/

You'd see people who might be of the same opinion as you.

We highly advise not to take any loans just to invest in Bitcoin. It's still best to have nothing to worry with monthly payments and interest as you invest in it.

The guy has deleted his account, we don't know what has happened after all of these years. But maybe he's sold already from the past cycles and probably still hold some, no one knows.

Life is all about risk I am sure he must he must have foreseen what Bitcoin would be in the next nine years, he took the bull by the hornand he became successful, but next time it might not just be as easy and successful the way it is this time.

He made the right calculation at the right time even if it was the wrong thing to do.

[Miles2006]

Most risk are worth taking, bitcoin investment is another trustworthy investment yet no one should consider taking loan just to fulfill there desired plan. What’s the possibility paying back the money in time or the loan taken will not stand as a major disturbance when accumulating. I would love to hear the end story if the person in question made a great profit as expected because holding for long definitely profit is certain, loan is not always advisable although if anyone is willing to take the risk without regret as usual a lot of investors take loan or sell personal property.

[BADecker]

Certainly, be very sure of what you are doing if you do this with the home you are living it. However...

If you have land, and hold the land in an updated land patent, nobody can take the land from you, even for the biggest debt in the world.

They might be able to take any property (structures) that is (are) on the land. They can sue you for anything else you own. But they can't take the land, itself, away from you, if it is patented, and you have updated the patent in your name.

[Lida93]

Snip

I too stand by this point.

You may do it only if you are in the dire situation and because there is basically no way back from it.. Last resort option, even if it's risky - you are already bad enough situation-speaking.

If you are not in such conditions - the best way is a stable way.

This why we should in as much as we can have emergency funds or reserve funds kept aside from the little stipends we receive from our hustles in advance preparation for any dire situations that may warrant us to jump into very risky decisions. Taking loan to buy bitcoin is as doing the right thing in the wrong way.

[shield132]

So this guy, from 9 years ago took a $325k loan to buy 191 BTC. A dumb idea for most people including me and the same thoughts of people who's seen this from a reddit post almost a decade ago.

If you guys read it from that post : https://www.reddit.com/r/Bitcoin/comments/6a3lvd/today_i_took_out_a_325239_equity_loan_on_my_house/

You'd see people who might be of the same opinion as you.

We highly advise not to take any loans just to invest in Bitcoin. It's still best to have nothing to worry with monthly payments and interest as you invest in it.

The guy has deleted his account, we don't know what has happened after all of these years. But maybe he's sold already from the past cycles and probably still hold some, no one knows.

Reddit was always full of crazy stories. I remember that in 2017, one guy sold his house to buy Bitcoins but the terrible part of this story is that he bought Bitcoin in 2017 when the price was as high as 20K. He bought at the worst moment. Then there was a crash and his Bitcoins value went down while he had to pay his mortgage. The guy was feeling very terrible and was thinking of selling all of his coins before it was too late. I don't know what he did, but the funny thing is, in 2021, just in four years, Bitcoin reached 70K USD. I hope this guy didn't sell his coins because he could make 300% profit in 4 years if he had remained patient.

[Lida93]

One thing about taking loan is that you would be pressured to sell off earlier than you had planned just because you need to pay back the loan within or before the timeframe given for repayment elapses. And what am probably thinking right now is that the young man didn't hold those bitcoins for long enough, may be if too long was just one cycle from when he took the loan. I would always stay on the part that recommend not taking a loan to invest in bitcoin, use what you have and can afford to be patient with even when market seems to be crashing.

One thing that struck my mind is how much or how well did this person get to know and understand Bitcoin before he went for the loan. Maybe someone must have introduced it to him and at that time, the price must have been showing progress and he might have been motivated into taking a loan of such amount to buy the amount of coin he bought. Knowledge they say is key and power in the hands of an ignorant person is worthless. I am not calling him foolish for buying Bitcoin but rather I say that because I don't really believe he had the proper knowledge on how volatile Bitcoin is.

Most at times people who do this may have being wrongly advised by those who introduced bitcoin to them who may have suggested a loan as an option to raise the funds. It's for the avoidance of this manner of mistakes that makes our first contact about bitcoin very important because the information we might receive is what we would ignorantly work with in the bid for being interested.
Another mistake some persons fail to make is that of doing their own research about what information has being given them, verifying how prudent before working on it.

[pawanjain]

I wish I would have done the same thing. We all wish we would have done the same but the thing is, things could have gone in the opposite direction as well.
Although that person risked his house and god knows at what point he sold his bitcoins but we can never guarantee the outcome.
Yes, sometimes we have to take risks but I believe we should always take only calculated risks and have a backup plan in case the situation doesn't go as planned.

[Muba20]

Most risk are worth taking, bitcoin investment is another trustworthy investment yet no one should consider taking loan just to fulfill there desired plan. What’s the possibility paying back the money in time or the loan taken will not stand as a major disturbance when accumulating. I would love to hear the end story if the person in question made a great profit as expected because holding for long definitely profit is certain, loan is not always advisable although if anyone is willing to take the risk without regret as usual a lot of investors take loan or sell personal property.

Taking out a loan to invest in Bitcoin is only positive when one has the ability to repay the loan. There are many who are interested in taking a loan to invest but after taking a loan, they fail to pay the interest on that loan. From my personal point of view, I think that if someone is in a position to take a long-term loan and is interested in investing in Bitcoin, then he should definitely start investing. Especially if someone is able to go through a few cycles after investing in Bitcoin, then he can definitely get a significant return from his investment.

I will not directly advise anyone to invest in a loan because although the long-term possibilities are good, those who take a loan for short-term investment may face losses. Moreover, it is not possible to take a loan in all cases. Taking a loan can also increase the psychological pressure of a person, which should be avoided.

[Achalugo BTC]

It was a wrong thing to do, but one that eventually turned out profitable. Regardless, it was wrong.

I think it isn't wise to bet on your basic needs. You could forget about your dinner today to give way to lottery tickets. That's wrong. But it could also turn you into a millionaire. Regardless, that's wrong. I think this is the same story, albeit with different risk levels.

Even today, it might be more productive if you pawn all your belongings and use all the proceeds to buy Bitcoin and keep it for only 6 months. Again, that's still wrong.

Its wrong, which you pointed it out but that doesn't mean other people will give it a try because what work or profit others, might profit the other person, as it might turn out to be a huge mistakes that can cause damage to their achievements or plans.
That is why its good to know the difference between recklessness and risk, as it will help one to know the right to do at the right time. Which is why understanding and knowledge is important and it play a crucial role in their investment and also to minimize the loses in the future.

[dunfida]

!!!

So this guy, from 9 years ago took a $325k loan to buy 191 BTC. A dumb idea for most people including me and the same thoughts of people who's seen this from a reddit post almost a decade ago.

If you guys read it from that post : https://www.reddit.com/r/Bitcoin/comments/6a3lvd/today_i_took_out_a_325239_equity_loan_on_my_house/

You'd see people who might be of the same opinion as you.

We highly advise not to take any loans just to invest in Bitcoin. It's still best to have nothing to worry with monthly payments and interest as you invest in it.

The guy has deleted his account, we don't know what has happened after all of these years. But maybe he's sold already from the past cycles and probably still hold some, no one knows.

Actually taking up a loan to invest into something on which not limited to traditional investments, then this guy did make out that risks on which we do all know that not all would definitely be doing it, but with this kind of positivity then he had done something that most people wont. So if we do meak out some calculation on that amount of Bitcoin then he had already $15.7M if he do still hold his Bitcoins as of this moment. We dont actually know on what happened considering that this guy had deleted his account but these are the risks taking step that made out that tons of profits on which you can live with it without having to go work on day to day living on which it did really paid off. The only issue on here is that if he had been able to sold those coins along the way and failed to baghold or being a diamond hands.

Actually its easy to say than done on holding up your coin but in reality on which at the time that you've seen those jumps in prices then you would be always have the thoughts on selling out immediately to secure profits. If you are that a solid enthusiast, then you wont be having no doubts with your investment even if you had made out a very risky action to take that step.