I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate
Did anyone do this before? Would like some experience advice
There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.
Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.
If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.
Ok lets say you do this. How do you cash out 900k? Who is going to have enough money to buy a 900K worth of bitcoins? and if someone buys you at 900K, how are you going to cash out? the bank is going to be tripping balls about all that money, what are you going to say? Also, think about exchange sites being seized and you lossing the money (Example : Bitcoin-24). And if you split it in groups of 10k, it will take you ages to cash out the entire thing and during that time, if bitcoin is still as insanely volatile, the price would from fluctuate a bit to crash.
I still admire your balls (no homo). I want to jump off a bridge by missing on the bitcoin boat and then jump again at missing on the LTC board (it was 7.4 dollars when I learned about it, but I couldn't find a fucking place to buy LTC in europe that didn't need for you to present bill proof evidence, and I cant do that because im a poor NEET failure that lives with its parents).
fuck my life