I am by no means recommending that anyone else do this. At the end of the day, securing a line of credit to buy bitcoin is considered to be a risky move. So in accordance with any financial newsletter, and the law, I am obligated to tell you this is not financial advice.
The key word in the above disclaimer is considered. If you ask most financial advisors, or investors, they will no doubt advice against getting a line of credit to buy bitcoin. Luckily, I haven’t spoken with my financial advisor in years, so they weren’t around to tell me this is a bad idea.
In the last 2 years, I’ve managed to convince myself of quite the opposite. Not only is this a good idea, but it’s actually not risky within the context of my overall strategy. Let’s look at the details of why I bought bitcoin with a line of credit.
The Details of my Line of Credit
IMAGES AND CONTENT REDACTED — [ May 1st 2022 ]
Don’t Do Anything you Cannot Make it Through
Again, it is important that you understand that to most other people, this strategy that I’m employing is risky. There is always the risk that bitcoin could completely fail, or Crypto.com could fail, and I would be left owing $50k to the bank.
If worse comes to worst, I have my skills and degree to fall back upon. I could go get a job and make my interest payments. That’s unideal of course, but its the plan of last resort. It’s my other plan, in the event my first plan doesn’t go according to plan.
Looking forward to hearing your thoughts on my strategy.
Regards,
Keegan
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