Quote from: mulia sabee on March 25, 2023, 03:49:52 PM

Quote from: Phyna4 on January 22, 2023, 12:40:00 PM

"Can I take a loan to invest in bitcoin" this question was asked by a friend

My reply to her is this:
It is generally not advisable to take out a loan to purchase Bitcoin or any other cryptocurrency. Cryptocurrency markets are highly volatile and the value of a particular coin can fluctuate greatly in a short period of time. This means that the value of the coin you purchase with a loan could drop, making it difficult to repay the loan. It is important to do your own research and make sure you understand the risks before investing in any financial product, including Bitcoin.

What is your advice?

of course the advice you convey is very good for him to be able to change his plans. I am the same as you, I would ban someone who tries to invest in crypto if he has to take out a loan or get into debt. because bad things will always happen to someone who doesn't know and can't read market movements, what someone needs to know is that investment in crypto has a risk that is more vulnerable

I think without having to borrow if you talk about risk, the same thing will happen even if you use personal money, but the problem here is that when the money invested is borrowed money, who gives the loan and when to pay it back, we all here believe that bitcoin is always repeating the same cycle with a gap of four years from ATH to his new ATH, Well who dares to lend money for that long and without having painful interest.
I think I will take the offer if there is one. lol

Quote from: Aanuoluwatofunmi on March 25, 2023, 10:55:01 PM

If one has ever experienced the bad side of taking a loan from the loan shark then they would have understand the more reason it is not advisable to buy bitcoin on loan, investing on bitcoin maybe on a long duration while the loan taken may only last for few months in which when the time to make repayment completes and you're not capable of doing so because no interest has been marginalized yet, this make it part of the reason why it's not good for taking loan to invest.

It would be a stupid decision to take money from moneylenders who can charge interest at will so it will burden you when you cross the limit of their patience, although basically we can pay it with our salary but it is not a good decision, I think if you have salary is better to save it in bitcoin as if we pay off debt even though it's not much but if you do it every month you will get bitcoin without being dragged into suffocating debt.