December 13, 20174min782

People in debts because of Bitcoins

It’s not just about experienced investors buying Bitcoins. Also, regular people want to be a part of this digital currency, but some of them go a little bit too far they even put themselves in huge debts.

There’s no doubt that Bitcoin is taking over the world. Even though it has grown over 1000% in 2017, the most dramatic price changes happened over the last few weeks.

Bitcoin’s price is not the only thing that’s increasing. So is interest from well-established financial institutions. The Bitcoin futures train has officially left the station, with CBOE having launched their contracts on the 10th of December. Both CME and Nasdaq will be following soon, with the former starting trade on the 18th of December.

Sunday’s foray into mainstream trading was most likely responsible for the currency trading at over $17 000. These big numbers would make anyone want to be a part of the Bitcoin mania, with some people putting themselves into even more debt to do just that.

PEOPLE IN DEBTS BECAUSE OF BUYING BITCOINS

According to Business Insider, Joseph Borg, who is president of the North American Securities Administrators Association and director of the Alabama Securities Commission, told CNBC:

We’ve seen mortgages being taken out to buy Bitcoin. People do credit cards, equity lines.

Borg went on to add:

This is not something a guy who’s making $100,000 a year, who’s got a mortgage and two kids in college ought to be invested in.

INTEREST IS INCREASING

Even though Bitcoin has been called a “fraud” and a “novelty” by crypto cynics, the average person can see the potential that this cryptocurrency has to offer and are willing to take big risks for it.

With the continued upward price trend, Bitcoin holders have been seeing a definite return on bitcoins that they have purchased at a lower price a few years ago, which is most likely what these new and inexperienced investors are hoping for.

Many experts believe that the price will continue to rise, reaching the $50 000 or $100 000 in not too distant future.

Borg warns that a price correction will eventually happen but that this won’t be the end of crypto, saying:

You’re on this mania curve. At some point in time, there’s got to be a leveling off. Cryptocurrency is here to stay. Blockchain is here to stay. Whether it is Bitcoin or not, I don’t know.

INVEST NOW, GAIN LATER!

As with any investment, thought needs to be put into where your money goes. Some people who can afford it may not want to invest in crypto due the volatility and unpredictability of the market.

If the price does continue to rise to its predicted astronomical heights, investing in it, at least for the average person, will be a much more expensive endeavor.


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