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

[acroman08]

Even now, even if he made millions of profits from what he did, I'd still think he was Idiot for what he did.

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.

This is what I am curious about, the guy bought bitcoin around april or may 2017(based on when the comment was made), that was when the price of bitcoin taking a rise. So I wonder if he sold it when the bitcoin is about to reach ATH or sold it out of fear when bitcoin's price crashed in early 2018.

[nakamura12]

I think he has the means to pay it back if he is confident about borrowing that kind of money to take a risk on investment although I really don't recommend something like that to someone as I might get blamed for it. It is better to buy little by little and hold it long enough to make profit even if It's not the same as others earning lots of profit. As many people would say that Bitcoin isn't a get rich quick scheme in such a short time. The account deletion may be that he still has more bitcoin left and want to have privacy.

[Marykeller]

At the initial stage of this loan, the majority of people who know the man might take the man for a fool, to loan his house to buy Bitcoin. But today, some of us are taking the man as a risk-taker who lent his house to buy Bitcoin, and it paid off for him. Just a few people will try to reason that the action the man took was a risky one that they dare not do, considering how volatile and unpredictable Bitcoin really is, that the future profits is not guaranteed to anyone

[Ivystar5]

i imagine he lost it all and disappeared but then I hope it's not true also but yet this kind of event that occurs rarely shouldn't make one to listen to such testimony and start thinking of taking the same kind of step but however, taking loan that is manageable in your capacity in my opinion is not bad anymore to invest in bitcoin, even though bitcoin is still volatile yet we have past the days which bitcoin was seen as a bubble that could go away at anyyimr but now it's more guaranteed that it's going to be there for the next cycle le which I now see as an added advantage.

[Kasabus]

What the guy did is very risky, yet very challenging on his part if he can turn his loaned money into a massive amount of bitcoin in the future. But we all know this is not as easy as the guy might have imagined, but investing in bitcoin especially with a borrowed capital is definitely like a roller coaster, you don't know if you still want to pursue your goal or just stop immediately and leave bitcoin at a loss.

But if this guy had certainly the courage, patience and resilience towards bitcoin, I won't be surprised if he turned into a millionaire these days simply by buying and hodling for long term goal.

[Vaculin]

Whatever a person may do and risk that would compromised his basic needs is definitely a wrong move and could lead to a bad outcome if the risk cannot be managed well. So I don't agree with how the decision making of this guy, as it would turn him homeless in no time if his expectations aren't met or his bitcoin goal isn't achieved.

Investing in bitcoin is a brave but a worthy decision if you invest it the right and manageable way. But if its done the wrong and suicidal way, it could make one's life miserable in less time.

[Pandorak]

Decisions like this are very risky, and no matter who you are, it is highly inadvisable to do this. “High Risk High Return” is a phrase we often hear. We can take big risks, but we must also calculate the possible consequences if things do not go according to plan, and we must do so using our income/savings, not loans.

If we look deeper, this person is very lucky because they managed to win over the big risk they took (if they still hold Bitcoin to this day). However, we don't know for sure what they did afterwards. Maybe in the following years, they sold their Bitcoin little by little.  

[Kelvinid]

There are actually those people who just prefer to take high risks, and make impossible becomes possible for them. This guy is probably one of them, and even take a loan with a huge amount just to invest in bitcoin and expect to become profitable in the end.

Although there are quite some few people who succeed with this kind of mindset and behavior, but majority still lose and regret their decision. Bitcoin is not a do or die, at least we should be responsible especially in making tough decisions particularly when our life's comfort and necessity is already at stake.

[mcdouglasx]

We're tired of seeing evidence that resounding success almost always comes from people who take risks. For example, investing thousands of dollars in Bitcoin years ago might have been seen as a crazy decision, but the person who did it and held onto it managed to multiply their capital. Basically, they bet on technology. Similarly, there are cases like Elon Musk, who almost went bankrupt with his investment in rockets.

But even though this is a risk if we take leaps of faith. I don't know if I'd call them foolish. I'd like to believe they did it as a calculated risk. In other words, instead of simply betting that the technology would work, his prediction was that the probability of this code being hacked is X, but the probability that the financial system would need a decentralized alternative is Y. If Y is greater than X, the investment is logical, not reckless, and thus he deduced that the probability of success would be viable either with diversified investments and perhaps what went wrong for Elon in that penultimate rocket was correctable with little or no risk, which also made it viable.

[The Sceptical Chymist]

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?

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

Do you mean morally wrong or some other kind of wrong?  If the guy had or has a family and was refinancing their home to speculate in anything, I'd have to say that's the former (depending on other factors, including who owns the house, what their general financial situation is, etc.).  But in general I think doing what he did to buy an asset as speculative as BTC was just straight-up gambling and at the very best it was stupid.  Yep, it might have turned out well--or it might not have--but getting caught up in a speculative fever of any sort that would cause you to potentially lose the kind of money involved in this case is a bad move.

But you know what?  Right now I'm guessing there are people taking out loans to buy gold and silver since both have been off the charts these past few months.  They aren't posting about it here, but it's hard to imagine none of that is happening.

[Sunshine1525]

It's not advi :Dsable regardless that Bitcoin became more valuable overtime, it would've been a better idea if he had renovated his house to gain more value then sell it to get a less costlier apartment and used the remaining to invest, that would've been fair enough but using the money to invest on Bitcoin that's a long-term plan is a no for me.

Well, if his account was still active we would've know if his decision paid off or not but since Bitcoin has gained more value over time we can only speculate that he made good profit and paid his debt. Anyways it's never a good idea to take loans for a long-term investment option like Bitcoin.

[Publictalk792]

His buy would total more than 17 million dollars today at 90000 per coin but one should remember that he made this gamble considering that he had deadly illness and wanted to protect his family future. When cash changed his life he must have deleted his account to make sure his family is not aimed at by hackers but his experience is success story; most of people who borrow money to buy crypto lose their homes or fall into deep debts when prices fall. Nowadays, when interest rates are higher and market is more expensive, taking loan in Bitcoin is even more risky which shows that, though this one man has won, there are no other house that was put on same bet but was sure to lose. And every person don't have same luck like he had.

[LogitechMouse]

---
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.

I wonder where's the guy who said that he's an idiot back then right now? I mean instead of spending his time typing that comment to him, he should've just spent that time to find a way to buy Bitcoin back then and if he did it then he could've have the same faith as the one that made that thread.

Anyway, like what you said, we don't know what happened during those 9 years. Maybe after a year of holding it, he sold it all just to make profits? Maybe he's still doing DCA on selling during bull market runs, and still holding some of it right now. Whatever the case is, it's pretty obvious that he made the "best decision of his life", and depending on when he sold those Bitcoins, his life has changed significantly because of Bitcoins. I'm pretty sure he's not the only one who did it. If I'm in his shoes, I will not also be doing it, but there will always be people that are willing to risk everything just for the sake of... trust and hope.

I also don't advise anybody to do it as well, but there will be some that will be doing it for various reasons. That's just a nature of humans. They just love to gamble.

[TastyChillySauce00]

Basically nobody know what gonna happen in the future and people with full conviction usually the one that make it big. People thought taking loan to buy bitcoin was the dumbest thing because it puts them at unnecessary risk but turns out that is the best decision ever.
Lesson learned, the craziest guy in the room is probably the smartest one all along .

[davis196]

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.

Did he provide any proof of the purchase? Any link of the transaction on the blockchain? If there's no evidence, I can assume that the guy lied only to get some Reddit karma. Nobody expected the BTC price to hit high levels back in 2015 or 2016. This guy was probably a gambler(if he actually got a loan to purchase BTC). The world is full of gamblers and risk takers. Most of them end up losing everything, some of them get lucky and make huge profits. Maybe this guy had enough savings and assets(other than his house) to cover this equity loan. I know it sounds weird, but some people have big savings and are borrowing money at the same time.

[wiss19]

Not even sure if this is true at all, could be a lie and faked image and may not be true. If this was real, we would have heard about him a lot more often and he would be someone big in the crypto world, and even if he wanted to stay hidden, someone would have found it.

But the thing is that, even if it was real, then how do we know if he still has them? Maybe he sold out and has only a few, and not as much as this. Reality is that I just don2t believe him and think this is fake, since it has no proof. I can say I did the same thing right now, doesn't mean I did it, just means I said it, could be a lie.

[Darker45]

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

Do you mean morally wrong or some other kind of wrong?  If the guy had or has a family and was refinancing their home to speculate in anything, I'd have to say that's the former (depending on other factors, including who owns the house, what their general financial situation is, etc.).  But in general I think doing what he did to buy an asset as speculative as BTC was just straight-up gambling and at the very best it was stupid.  Yep, it might have turned out well--or it might not have--but getting caught up in a speculative fever of any sort that would cause you to potentially lose the kind of money involved in this case is a bad move.

Not morally. It's wrong as an investment decision, in the sense that putting all your eggs in one basket, risking what you can't afford to lose, and the like are wrong.

But you know what?  Right now I'm guessing there are people taking out loans to buy gold and silver since both have been off the charts these past few months.  They aren't posting about it here, but it's hard to imagine none of that is happening.

I'm sure right and wrong in the investment world isn't determined by the number of people doing it. It's hard not to notice the hype around gold and silver recently. I've known some friends who are seriously considering investing in them because of the hype. I hope they aren't coming a little late, but I'm guessing the few speculators who got it perfectly right are probably moving toward selling, taking profit.

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

[KiaKia]

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.

The example you chose to use it very light weight, because losing a dinner is nothing comparable to losing a house if something bad happened, I can gladly choose to lose a dinner for lottery ticket than losing a house even if I can make insane amount of money, I choose the lesser risks.

I accept that part that all this is wrong, too much of risk is not good but people only thinks about what they could get but not what they would lose, as a gambler that I am, I don't even care about changing my life through gambling like many others, I am always fine turning $1 to $5.

As good as desires can be they are also as dangerous, what you choose to run after or chase can bring you down easily.

[nemesis_incarnate]

Basically nobody know what gonna happen in the future and people with full conviction usually the one that make it big. People thought taking loan to buy bitcoin was the dumbest thing because it puts them at unnecessary risk but turns out that is the best decision ever.
Lesson learned, the craziest guy in the room is probably the smartest one all along .

Or the person having the fewest amount of brakes and no wisdom behind it Depends on the case we are looking..

[aoluain]

This reminds me of Didi Taihuttu - https://yolofamilytravel.com/


It is possible to do what the above did and as per the article in the OP but it takes dedication and
patience. I actually did something similar myself but the amount was smaller.

Back around 2020/2021 I secured a personal loan of approximately $7000 and bought Bitcoin with
that with the sole aim of HODL'ing. I was able to ride out all the bear and Bull markets.

I was sure enough I would be able to pay the amount back over the course of 2 years and I had
a very stable job at the time so it all worked out.

The key is not over extending the commitment and having the patience to wait and not panic during
times of big market correction.

Maybe the guy in the article was able to capitalise at the end of 2017 and take the profits otherwise
he wuld have had to HODL through the following brutal Bear market!