People mortgaging house to buy bitcoin

Beautyon Sep Sarah Holder sarahsholder Feed Sarah Holder is a staff writer at CityLab covering local policy, housing, labor, and technology. Later that day, Borg, who focuses on consumer protection in Alabama, went on cable news to warn potential buyers about heeding these come-ons. You realise it actually is what it claims to be, and you understand that its size compared to the gold market is tiny.

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There are some stories floating around of people mortgaging their houses to buy Bitcoin. Does this make any sense? Are they insane? Imagine. You are a family man.

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Those types of eye-catching numbers and the resulting media hype are bound to draw the interest of casual folk. But, unless you’ve got money to burn like Bitcoin billionaires , and Zuck’s Harvard-era nemeses , the Winklevoss twins , most analysts will tell you the same thing: steer clear of the hyper-volatile currency. Even those dabbling in it have lost tons of cash to cyberattacks on Bitcoin wallets. Still, it seems some people aren’t paying heed. A bunch of wannabe investors are even going so far as to take mortgages out to buy bitcoin, while others are running up credit cards and turning to equity lines. That’s according to securities regulator, Joseph Borg.

According to regulator Joseph Borg, the bubble’s going to burst.

There are some stories floating around of people mortgaging their houses to buy Bitcoin. Does this make any sense? Are psople insane? Imagine people mortgaging house to buy bitcoin. You are a family man. You are in a job that allows you to pay all of your people mortgaging house to buy bitcoin and not very many savings, on which the interest is pitiful.

You’ve read about Bitcoin, which when you check the chart, you see is surging exponentially. You realise it actually is what it claims to be, and you understand that its size compared to the gold market is tiny. It is not possible that it doesn’t reach that number.

If you mortgage your house now, at historic low rates, you will be able to pay off the loan in tp order. Then you will have the Bitcoin you purchased debt free. If Bitcoin goes down after that, it doesn’t matter, because you have it free and clear. When it goes up again, you have nothing but gain. Remember this. If Bitcoin does what everyone thinks it will do, in the end, fiat currency will become worthless. Paying off your mortgage will become more expensive for mortgaginb when government set interest rates shoot up.

As hyperbitcoinization starts, no one will want your fiat currency in exchange for Bitcoin at anything other than astronomical rates. People with clear multi-decade burdens on the other hand, have a completely different perspective.

Am I telling you to mortgage your house for Bitcoin? Obviously not. I am simply explaining how other people are thinking, and why they are doing what they are doing. In a free society, people are at liberty to take risks and benefit or fail. In this case, the potential benefits are very great. Tweet This. You do the math. Continue the discussion.

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