Redditor up 25% after boldly taking out $59K worth of personal loans to buy BTC

A Redditor and member of the r/CryptoCurrency community is claiming to be up 25% or $19,500, after taking out three personal loans worth a combined $59,000 to buy Bitcoin

The post has more than 500 comments at the time of writing, with some supportive of the idea, while many others have warned of the dangers of taking such an approach.

“Taking [a] loan for crypto investing sounds like a horror story to me,” the top comment with 457 upvotes from user “middlemangv” reads, with “NotAdoctor_but” adding: “Because it is. This is survivorship bias at its finest, also OP took a calculated risk, most won’t.”

Giving further context, the Redditor stated that they are single with no kids and earn around $60,000 from their job annually. They also stated that they have an affordable renting situation, and are happy to invest 25-30% of their income into BTC each month.

As such, the major risks in this instance would primarily be around the price of BTC crashing heavily and not recovering over the next few years, or losing their holdings via a hack if they do keep them in a hot wallet.

Maintaining employment would also be vital to keep chipping the loans down.

“You seem able to pay this. A win here can change your life. A ‘loss’ i.e., BTC doesn’t go above $35K for three years +, would just mean another year of work. Worth the risk, congratulations OP,” wrote user “Kakoyiannaros.

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