Are people taking out bank loans to buy bitcoin crazy?

Discussion in 'General Mobile Betting Discussion' started by Dice Man, May 29, 2017.

  1. Dice Man

    Dice Man Member

    I've been using bitcoin for the past year since I started sports betting and playing poker at bitcoin gambling sites. Any money I've won I've withdrawn and kept in a secure btc wallet. Because the price of bitcoin has performed so well, the dollar value of my winnings has doubled over the past year. For this reason I plan to keep any money I make online gambling in bitcoin so I can benefit for future price increases. While many of you may think this is a risky approach given how volatile the price of bitcoin can be, this money is just a fraction of my overall saving so I can handle the risk.

    What I find disturbing is the number of stories I've seen on forums and Reddit recently where people are taking out loans from banks and maxing their credit cards to buy as much crypto-currency as possible. This seems grossly irresponsible and makes me think that we are entering into a price bubble where many people will end up losing everything.
  2. Ana

    Ana Member

    What i feel will happen is that , when more an more people will come in to buy bitcoins with loans, there will be enough floating of paper money and also escalating the prices of btcoins for no reason. I might be wrong but that is what i think.
  3. Sebastian

    Sebastian Administrator Staff Member

    It's now December 2018 and the price has dropped about 85% since December 2017 so anyone who used their credit cards to buy bitcoin made a huge loss.

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