Quote from: LeGaulois on January 06, 2018, 02:32:43 PM

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With cryptocurrencies trending in popularity, it seems that many investors are purchasing bitcoin on borrowed money credit cards and loans that bear interest. The consumer group Lendedu released a report on bitcoin investors who use credit to purchase digital currencies

Which of the following best describes how you funded your account to purchase Bitcoin?

After purchasing Bitcoin on your credit card, have you paid off your credit card balance?

Are you comfortable paying interest on your credit card as a result of your Bitcoin purchase?

Are you planning to pay off your credit card balance, accumulated by purchasing Bitcoin, by using the proceeds from the sale of your Bitcoin investment?

Between people who used a credit card to fund and purchase (Question 1) Do you plan on buying additional Bitcoin using your credit card?

a. 76.23% of Bitcoin investors answered "Yes."

b. 23.77% of Bitcoin investors answered "No."

Source 1
Source 2

People are so crazy, really...So, 18% used a credit card, 22% of them haven't pay off their credit card balance. 1/3 are worried about the interest expense.... and 23% will continue buying additional Bitcoin using your credit card?...
the average annual percentage rate (APR) on a credit card is 15.07 percent

This is terrifying. People are so desperate with their FOMO that they're taking on high interest rate loans to buy a highly speculative and inherently worthless asset. Taking on a high degree of risk to roll it into an even higher degree of risk is just the epitome of stupidity. Risk doesn't just add in this case, it compounds. I don't wish ill on these people, but I will not feel bad if their risky behavior burns them exceptionally hard. This is a potential problem that is entirely avoidable and foreseeable. First rule of investing is not to risk anything you can't afford to lose. If you're taking out high risk loans to invest, you've completely lost focus of what you're doing, or you never understood it in the first place. People resorting to credit card loans obviously shouldn't be investing in the first place, because there are more suitable ways to get an investment loan, so it seems to indicate these people don't have access to those channels because they're not well off enough or sophisticated enough as investors.