What I see about bitcoin is its gonna bounce between 100-110k to 80-90k for a long time (at least until Trump takes over). I have an option to take a 2.8k $ loan from a bank and pay 3.4k $ in 8 months. (I'm gonna start paying it after 2 months so you may assume its 6 months). Should I get that loan and make 3x - 5x margin trades on Bitcoin with this strategy? I really appreciate your help. Take Care.
First things first, I’d like to ask: can you pay off the loan if your investment doesn’t go as expected?
Assuming the answer is yes, then go ahead and take the loan.. thing is, even if Bitcoin doesn’t pump within the timeframe you’re expecting, it will likely increase over time since all these positive news factors can drive its price higher. however, keep in mind that there are no guarantees, so you’ll need to accept the risk and trust your instincts.
I’m not in support for anybody to take loan to trade bitcoin,what if in the course of trading market go against you and you tends to loose money.In that situation how will you be able to pay off your loan when you’re not making profits,it is not always easy and that the major reason why i can’t encourage anybody to loan money to trade bitcoin.
Bitcoin is an investment that we need to trade with cautions most especially when your knowledge on crypto is not wide enough,so anytime you want to risk in crypto space let it a calculative risk.