Post
Topic
Board Bitcoin Discussion
Re: Today is the story of my investment in Bitcoin
by
Maidak
on 25/12/2022, 08:58:28 UTC
If you have a stable income, I will definitely support you, because in those 2 years you can also pay off your debt with your salary. But if you just rely on bitcoin profits to pay off debt and interest to the bank then I think I would object.
We all believe that bitcoin will rise again, but there is no certainty it will rise again, and even more uncertain in the next 2 years it will increase, all just stop at predictions.
It all happened, and I hope you are ok with your choice, but I don't expect you to spread this story to make people do the same, especially newbies.
Impressed forcing what the OP did. Investments made using money borrowed from a bank are not the right choice, tantamount to causing new problems and adding to the monthly installment burden for the bank. The next question is how OP pays off the monthly loan that runs every month, because what I read he uses a long term method of investing in bitcoin. The investment he made was correct, but his method was not quite right.

There's no doubt that bitcoin is a good investment for the future, but taking the risk of lending a bank's money can only make it more difficult. I think the OP made a mistake, it's better to buy bitcoin in small amount than borrow money from the Bank. For the next month, OP will definitely be busy looking for money to cover the monthly installment costs.

The dream of owning one bitcoin is the dream of many people, and we can understand OP's desire, but actually he risked too much when borrowing a large amount of money to invest in bitcoin. Because to get profit from bitcoin, we have to calculate by year while OP's interest to pay the bank is monthly. I'm afraid given the current situation, since bitcoin has never experienced something like this before, bear season will last longer, which will definitely be bad for the OP. Hopefully, he has a backup plan for the worst if it happens.