Re: Should I take a $50K loan from the bank and invest it all in Bitcoin?
⭐ Merited by Findingnemo (1)
People even started taking loans for their honeymoon and things but that's not my point here.
You are missing the point, those comparisons are the point that he is trying to make. Otherwise why mention people taking out loans to buy a car? It is not relevant to the question unless he wants to make a direct comparisons.What if the bitcoin price crashes after the loan is that person capable of paying it back along with the interest?
Nothing? You are not paying back the loan from the invested Bitcoin. You should never take out a loan that you can't pay back in any case so there is no problem here. Worst case the money is lost and you pay back the loan as originally planned. The whole world practically runs on debt, and people here shy away from it like it will instantly ruin your life. This does not say good things about the experience of users here.Investing our money is smart choice rather than spending it but I don't have the same opinion if someone is taking loan and want to invest.
As I said, there is nothing wrong with this compared to the most reasons why loans are taken. It is much better than most of those reasons. Don't make it out to be something that it is not. However, I feel that many people in the thread are making it sound worse than it is. There has to be context before giving suggestions in things like this.
First of all, do you have a means to pay back if the investment fails? If you invest in Bitcoin and it crashes, do you have a means (income from your job or business) to completely pay off the debt over time without wrecking your financial life?
Yeah, they don't sound like they have experience. I even have some friends who took loans and went into failed shitcoin investments. What about it? They are just paying back the loan as regularly as they planned and hopefully they learned their lesson about shitcoins. First of all, do you have a means to pay back if the investment fails? If you invest in Bitcoin and it crashes, do you have a means (income from your job or business) to completely pay off the debt over time without wrecking your financial life?
