Should I take out a$100k personal loan to buy crypto?

[Anonymous No.57154334]

With the bitcoin halving upon us, I'm thinking about taking out a personal loan to market buy a bunch of bitcoin. I feel like I could get a 2-3x within the next 12 months, sell the bitcoin, and pay back the loan with minimal interest paid. Thoughts?

[Anonymous No.57154339]

>>57154334
top signal

[Anonymous No.57154346]

>>57154334
yes do it and buy bitcoin (ticker: BTC)

[Anonymous No.57154347]

no

[Anonymous No.57154381]

And to note, I did the same thing in 2018 with a lower APR personal loan. It didn't work out so well initially because 2018-2020 were super bear years but I think my timing will be much better this time.
>picrelated

[Anonymous No.57154382]

>>57154334
Put it into mid cap altcoins

[Anonymous No.57154392]

>>57154334
Horrible idea, OP

Greater than 80% chance of this financially ruining you for life

[Anonymous No.57154400]

was considering too but interest too high. if this was 2020 rates, then sure

[Anonymous No.57154414]

>>57154392
Not really. This is less than a year of post-tax income for me. If bitcoin goes to zero, we're all fucked anyway.

[Anonymous No.57154423]

>>57154334
absolutely
even if btc goes to 0 just file a chapter 7

[Anonymous No.57154520]

>>57154381
Another top signal

[Anonymous No.57154604]

>>57154334
honestly I've considered it and I'd do it if I still had a job. Might take two years to payout but yeah, 2x-3x from here is reasonable.

[Anonymous No.57154704]

>>57154414
If this is true, my response to you is different than it would have been. The halving is in 3-5 months, I don't remember.

Historically, BTC doesn't dip after the halving. Last 2 halving were over 700% up, both times, despite the fud graph about diminishing returns. However, last time we had the COVID dip between now and halving.

Finally, this time might be different just because, and if it is, you might lose your job too, so your call.

Source for cycle data: btccyclecompare.com

[Anonymous No.57154720]

Final thoughts: May e do 30k. It's less of a life ruining amount. Interest can really fuck you on 100k.

[Anonymous No.57154756]

>>57154704
It would suck to lose my main job but I have a secondary job that I pick up shifts for whenever. In case of emergency, I could transition to that but it pays 20% less per hour and has no bonuses so money would be tight.

[Anonymous No.57154774]

>>57154720
Don't do it. That's the most autistic thing I've ever heard. Seriously the interest alone will fuck with any potential gains

[Anonymous No.57154817]

BTC is about to come crashing down, I'd wait.

[Anonymous No.57154829]

>>57154774
>Seriously the interest alone will fuck with any potential gains
How is the 12.75% interest rate relevant if it's outpaced by BTC going up 2 or 3x in the next 12 months? Assuming I take the full 72 months to pay off the loan, that's $43,568 in interest paid. I will make $100k if BTC does only a 2x or $200k if it does a 3x. I'm betting that BTC will perform that will within 12 months so I will have paid even less interest on the loan if I sell my 2x or 3x BTC gains and pay off the loan immediately.

[Anonymous No.57154840]

>>57154334
I know you're trying to fud OP, but yes, you unironically should.

[Anonymous No.57154873]

Well im no big first world boy but I just did a months ago to buy SOL, took a loan of 1000 usd final ammount with interest 1200 after 12 payments so a year, I did. 3x sold the ammount of SOL to pay in full and pocketed the rest, it was quite literally free money, but I got insanely lucky so gambling lets call it for what it is

[Anonymous No.57154880]

>>57154334

NOOOOO god no. Don't invest more than you can afford to lose.

[Anonymous No.57154915]

>>57154873
That's wild that you had to borrow $1000. But nice trade

[Anonymous No.57154961]

I'M GOING IN, BOYS!

[Anonymous No.57154975]

theres probably be some shitty montenegro-based onramp service that allows credit purchases without triggering the cash advance loan rates. that would be better than getting raped by the bank

[Anonymous No.57154981]

>>57154873
Awesome that worked for you. I bet you were stressed when you initially signed on for the loan.
They probably thought you were dealing cocaine as quickly as you paid it back, kek.

[Anonymous No.57155733]

>>57154975
CC interest is like 25%, wtf you talking about?

[Anonymous No.57155743]

>>57154981
I never though about that kek, we have taxes here for crypto gains so if my local taxman comed knocking asking what the fuck I will be in trouble, though my taxman is nothing compared to the american one so I dont give a shit I just dont like summons or fines, im too damn lazy

[Anonymous No.57155757]

>>57154981
Sorry for double posting but yeah I was scared shitless once the fomo drunkness weared off, I saw the prospect of paying a huge chunk of my salary for a whole year, waged here are 500 usd min wage so I did a huge gamble, 1000 is big money here in monkeyland

[Anonymous No.57155782]

Crypto is not an investment. It's a gamble.

Don't gamble with what you cannot afford to lose.

If you can afford to lose 100k + 12% apr then you should already have enough disposable income to gamble on shitcoins. If you don't have disposable income at that level of wealth then your situation is precarious.

[Anonymous No.57156119]

May you be successful anon. Make sure to come back to tell the story.

[Anonymous No.57156153]

>>57154334
don't get a loan you dumb maggot, but if you do go big and buy a fuck tonne of shitcoins then declare bankruptcy i.e = free money

[Anonymous No.57157190]

>>57154334
personal loan is risky imo... I took out a 401k loan a few months ago though to buy crypto. 401k loan is you loaning yourself money, not a bank. look into it if you have a decent amount saved up in a 401k. you pay back the loan, with interest, same as any other, but the total loan payment including the interest just goes back into your 401k.

[Anonymous No.57157209]

>>57154334
I have never seen a more clear top signal in my 57½ years of trading

[Anonymous No.57157216]

>>57154334
YESSSS!!!!

[Anonymous No.57157222]

Do it faggot

We're all fucked anyway

You'll either make it or everyone will be fucked anyway

[Anonymous No.57157237]

>>57154339
If people start to go indebt to not miss the bull run, it's actually bullish af
We will profit from bank loans granted out of thin air, effectively stealing money from banks

[Anonymous No.57157279]

>>57154334
do it anon, better risk getting rich than getting older full of regrets

[Anonymous No.57157297]

Boom or bust.
Many such cases.
Good luck.

[Anonymous No.57157301]

>>57157190
more info on 401k loans if anyone is interested... absolute worst case scenario is I lose my job and no longer pay back the loan. there is a 10% tax on the loan amount in this case, same as if I'd just withdrawn my 401k.... that's it. no credit hit...no obligation to pay it back because its my money. the loan is tax free unless its not paid back, then its taxed the same as any other early 401k withdraw. if you've build up a 401k and aren't anywhere near retirement age, then there's plenty of good reason to use it when you need it or want to invest it elsewhere imo.

[Anonymous No.57157325]

>>57154334
take it to the casino
one roll. no waiting. no bullshit.
red or black
that's more or less what you are doing anyway, may as well get it over with quicker

[Anonymous No.57159232]

>>57154334
Prolly no.

[Anonymous No.57160057]

>>57157325
Wrong. Can get out of BTC early and lose 50k instead of 100.

[Anonymous No.57160141]

Put them all in PBUTT.
If it works you will be the world's first pregnant butt multibillionaire.

[Anonymous No.57160310]

>>57154961
you better do an update thread in 12 months

[Anonymous No.57160588]

>borrow money at high interest rates to gamble on highly volatile risky assets
Sounds like a great idea!
Its one thing to be gambling with your own money, but gambling with borrowed money is a totally different ballgame emotionally and psychologically. It will most likely fuck up your decision making and you will be overly emotional with each pump and dump.
You will panic sell because that money has much more weight and leverage.
If you lose 20k of your own money ur down 20k, but if you lose 20k of borrowed loan money youre basically down 40k + interest

[Anonymous No.57160605]

a year ago yeah, too late now idiot

[Anonymous No.57160817]

>>57154334
No, moronic idea in the first place, and too late by now.
You should never have done it, but if, then you should have done it a year ago. We've had 3 straight months of up only, we are due a big correction.

[Anonymous No.57160838]

>>57160817
So you are saying buy after the correction? Like if there is a significant one and we go back to 30k or something it seems insane not to pour as much into it as you can.
Maybe nothing with a high APR but if you can low Apr loans, 0 apr credit lines, or 401k loans it's a risky bet but not insanely risky.

[Anonymous No.57160866]

>>57154961
Based, buy in slowly over the next couple months though, I still think we might see 35k one more time.

[Anonymous No.57160905]

update: FUCK
I'm gonna try a different bank.

[Anonymous No.57160976]

>>57154334
I just recently did this with a $25k PL at 8%.
>>57154774
Lol. No it will not
I assume OP is doing the same strat of dragging out the term with the full intent of an early payoff, skipping most of the interest accrual.
It's gonna cost me something like $2k to borrow that money, my hurdle rate is the interest rate.
You think btc won't be at least 8% higher a year from now?
>>57160905
I'm pretty sure there is a statutory limit of $100,000 for personal loans in the US. But amex was perfectly ready to give me $50k if I asked for it.

[Anonymous No.57160990]

>>57160976
>I'm pretty sure there is a statutory limit of $100,000 for personal loans in the US. But amex was perfectly ready to give me $50k if I asked for it.
I've gotten the same offer from American Express before. The interest rate was retardedly high so I didn't explore it.

[Anonymous No.57161434]

>>57157190
>>57157301
isnt it up to your employer whether you can loan or withdraw your 401k (without paying a penalty)?

[Anonymous No.57161459]

>>57161434
Probably depends on employer/401k setup I just did it without issue.
Withdrawl requires having reasons, you can take a 50% loan for no reason for me atleast.

[Anonymous No.57161492]

>>57154334
I did this October 2017 and am now a poor boi in bankruptcy. I wholeheartedly recommend.

[Anonymous No.57161506]

YES!

[Anonymous No.57161624]

>>57154334
I know of someone who did this before the last bull cycle and it paid off because he is now retired with enough savings in stables which he staked on SpoolFi for passive income

[Anonymous No.57161869]

>>57160817
Buying now won't matter in a year's times, so buying now won't be that bad

[Anonymous No.57161970]

>>57157237
no. That's a top signal. OP is going to serve his purpose as exit liquidity with his 100k loan

[Anonymous No.57161977]

>>57161624

Just because you know someone that did it and had success, does not mean it will be a success for this guy. Ask yourself this question: Would you take out a loan to go gambling in a casino? If the answer is no, then don't fucking do it.

[Anonymous No.57162020]

>>57161624
I like the APR on that protocol, and I'm also staking my ETH there.

[Anonymous No.57162040]

>>57154334
You're too late. Why didn't you want to do this when btc was 20k?
>>57161977
Are you suggesting it's as hard to make money with bitcoin than it is a casino?

[Anonymous No.57163503]

>>57154334
>personal loan to market buy a bunch of bitcoin.
Stop. I've seen the movie too many times.

[Anonymous No.57164617]

>>57161434
No. The 401k account is managed by a third party, your employer just sets up the account and pays into it.
>>57161459
Yep. With a 401k loan you can take 50% of your balance anytime for any reason. If you want to withdraw completely (not a loan) and you are still employed, then they ask for proof of hardship. They don’t want you to close an account that your employer is still paying into.