{"id":12469,"date":"2023-07-01T13:17:42","date_gmt":"2023-07-01T13:17:42","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12469"},"modified":"2023-07-01T13:17:44","modified_gmt":"2023-07-01T13:17:44","slug":"redditor-up-25-after-boldly-taking-out-59k-worth-of-personal-loans-to-buy-btc","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12469","title":{"rendered":"Redditor up 25% after boldly taking out $59K worth of personal loans to buy BTC"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>A Redditor and member of the r\/CryptoCurrency community claims to be up 25% or $19,500 after taking out three personal loans worth a combined $59,000 to buy Bitcoin (BTC) over the past 18 months. <\/p>\n<p>According to the crudely named r\/Vaginosis-Psychosis, they now have a total of 2.65 BTC, which is worth $80,400 at current prices\u00a0and are betting big on the price of BTC hitting $100,000 by early 2025. <\/p>\n<p>In a June 30 post on r\/CryptoCurrency, the user gave a run down on how they approached the risky method of getting their hands on BTC. <\/p>\n<p><em>Post on r\/CryptoCurrency. Source: Reddit.<\/em><\/p>\n<p>The first two loans were taken out in February and June of 2022, totaling $15,000 and $20,000 apiece. They had a fixed annual percentage rate (APR) of 6% and 4.9% each, with monthly payments totaling $225 and $326. <\/p>\n<p>The third loan worth $24,000 was taken out in June 2023, with a fixed APR of 8% and monthly payments of $405. <\/p>\n<p>So far, the Redditor claims to have paid off the $15,000 loan in May, along with chipping down $3,500 on the second loan. From here, they plan to attack the most recent loan, as that has the highest APR. <\/p>\n<p>Including interest paid, they claim to have accrued BTC at an average price of $24,000 or $22,264 when not including interest paid. <\/p>\n<p>\u201cThe way I see it, the US dollar is rapidly declining in value and prestige. Therefore, I will take out loans to buy Bitcoin and pay back said loans with inflated dollars that I earn from my job.\u201d<\/p>\n<p>\u201cI don\u2019t expect Bitcoin to be trading in this range 18 months from now. I expect BTC to be ~$100K per coin by then, so I\u2019ll bite the bull of a short-term high APR for the long-term exponential price appreciation of Bitcoin,\u201d they added. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>US SEC deems spot Bitcoin ETFs filings as inadequate: Report<\/em><\/strong><\/p>\n<p>The post has more than 500 comments at the time of writing, with some supportive of the idea, while others have warned of the dangers of such an approach. <\/p>\n<p>\u201cTaking [a] loan for crypto investing sounds like a horror story to me,\u201d the top comment with 457 upvotes from user r\/middlemangv reads, with r\/NotAdoctor_but adding: \u201cBecause it is. This is survivorship bias at its finest, also OP took a calculated risk, most won\u2019t.\u201d<\/p>\n<p><em>Comments on the post. Source: Reddit. <\/em><\/p>\n<p>Giving further context, the Redditor stated that they are single with no kids and earn around $60,000 from their job annually. They also said they have an affordable renting situation and are happy to invest 25\u201330% of their income into BTC monthly. <\/p>\n<p>As such, the major risks in this instance would primarily be around the price of BTC crashing heavily and not recovering over the next few years or\u00a0losing their holdings via a hack if they keep them in a hot wallet. <\/p>\n<p>Maintaining employment would also be vital to keep chipping the loans down. <\/p>\n<p>\u201cYou seem able to pay this. A win here can change your life. A \u2018loss\u2019 i.e., BTC doesn\u2019t go above $35K for three years +, would just mean another year of work. Worth the risk, congratulations OP,\u201d wrote user r\/Kakoyiannaros.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Home loans using crypto as collateral: Do the risks outweigh the reward?<\/em><\/strong><\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/redditor-up-25-after-boldly-taking-out-59k-worth-of-personal-loans-to-buy-btc\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Redditor and member of the r\/CryptoCurrency community claims to be up 25% or $19,500 after taking out three personal loans worth a combined $59,000 to buy Bitcoin (BTC) over the past 18 months. According to the crudely named r\/Vaginosis-Psychosis, they now have a total of 2.65 BTC, which is worth $80,400 at current prices\u00a0and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12469"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12469\/revisions"}],"predecessor-version":[{"id":12471,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12469\/revisions\/12471"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12470"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}