Quote from: Lainta on Today at 04:53:34 PM

Quote from: smartaction on June 29, 2022, 11:07:41 AM

I decided yesterday morning that I would buy 1 bitcoin from this dip market. But I did not have enough money. With which I can buy 1 bitcoin. I had an Fixt Deposit of $ 6,000 in the central bank. And the bank would paying interest at the rate of 5.5% APR. I broke it down yesterday and decided to buy Bitcoin with that money. But with this money I will not be able to buy 1 bitcoin. On the other hand, my dream and desire is to buy 1 bitcoin. I then decided to take a loan and applied to the bank for a loan. But I told the bank that I would use this money for business. The bank agreed to give me a loan of $10,000 at 10% APR interest. I take advantage of that opportunity and take out a loan. And the remaining $ 4,000 I borrowed from my uncle and promised to pay him 8% APR interest, which is more then bank interest. Finally i bought just now 1 BTC price at $20,000. It gives me a different feeling That feeling I have never had before. I think if I hold this bitcoin for 2 years I can get 100% -500% profit. Then I will be able to easily repay my debtors with an average interest of 18-19% in 2 years as an average of 9.something% APR and I will be able to keep a huge profit.

I think this is not good idea to buying Bitcoin for taking a loan because someone give you a loan for a few months and if you want good profit from investment then you hold Bitcoin for a few years atleast 2 or 3 years then you will get huge profit.

Yep majority of us here thinks it's a very risky move even if OP calculated the return of his investment after few years. Even me don't recommend to loan money out for the reason to invest, trade or gamble. Crypto is a volatile assets and it's a very big no for me to borrow and buy even if it is bitcoin. There are many possible things might happen in crypto and it's possible that the long awaited bull market we expect might not be in our face 2-3 years from now. It's a bold risky move and let's see how his investment will go in the future.