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Bitcoins / Breaking News

People Are Taking Out Mortgages To Buy Bitcoins

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Given the recent surge in price, there are probably a lot of people who are regretting not buying Bitcoins when they were cheap. Let’s face it though, you would have been taking a massive gamble, as very little was known about the cryptocurrency world.

Despite the odds though, Bitcoin is still going strong, and has been priced close to $20,000. There are still sceptics though, and many people believe that Bitcoin has reached its peak, and that it is not worth buying them now. This is not the same for everyone though, and some believe that the price could just keep growing and are willing to mortgage their home in order to fund their investment.

Joseph Borg, the president of the North American Securities Administrators Association, spoke to CNBC, saying;

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

Borg remains optimistic though when it comes to cryptocurrencies, and believes that they are going nowhere, and are very much here to stay. He doesn’t place all of this on Bitcoin though, and states that although he believes that they will last, it might not be Bitcoin. He ends, saying;

“Cryptocurrency is here to stay. Blockchain is here to stay. Whether it is Bitcoin or not, I don’t know.”

So what are your views on this? Would you risk everything and take a mortgage out to invest in Bitcoins?

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Frances is a writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.