It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
originally posted by: grey580
Well that's how you do it.
Take out that mortgage on your house and go all into bitcoin.
originally posted by: seasonal
Looks like the Bitcoin bug is biting some people and they are mortgaging their homes to invest in the to the moon crypto.
According to reports, a number of investors looking to cash in on the soaring prices have resorted to putting their houses up as collateral to fund the venture.
“We’ve seen mortgages being taken out to buy bitcoin. People do credit cards, equity lines,” Joseph Borg of North American Securities Administrators Association said, via Business Insider.
There is a growing feeling that Bitcoin is now entering a bubble that may very well pop. I imagine some of these people are the same who did not buy when it was $900 at the beginning of the year. We will have to see if the mortgages are/were a good investment.
The president of the securities firm added that he believes the risks outweigh the rewards tied to the popular cryptocurrency. “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.”
Economic experts have started to speculate when the bubble will burst on Bitcoin’s value. The digital currency has already taken a sharp dive after reports that hackers were able to steal tens of millions of dollars worth of Bitcoin on Dec. 7. That same day, the internet currency soared over $4,000 in value to new record prices as it passed the $16,000 mark.