A Redditor claimed to be up by 25% after they took out three personal loans- which had a combined value of $59,000 to buy BTC over the last 18 months. According to the user, they now have a total of 2.65 BTC, worth around $80,400 at the current prices, and have now been betting big on the cost of the cryptocurrency touching a sum of $100,000 by early 2025. In a post made on the 30th of June, the user decided to give a complete run down on how they managed to approach this risky method of getting their hands on some BTC.
Redditor Takes Personal Loans To Buy BTC
The first couple of personal loans were taken out in February, and June of 2022, which had a total of $15,000, and $20,000 apiece. They also had a fixed annual percentage rate of 6% and 4.9% each- with monthly payments totaling around $225 and $326.
The third loan, according to the user, was taken out in June 2023 and had a worth of $24,000- with a fixed APr of 8%, and the monthly payments set at $405. So far, the Redditor claims to have paid a $15,000 loan in May, along with removing $3,500 from the second loan. From hereon, they have plans of attacking the most recent loan, considering this has the highest APR. Including the paid interest, they have claimed to have accrued BTC at an average price of $24,000.
The Redditor mentioned that they don’t expect BTC to be trading in this particular range even 18 months from now. Rather, they expect the cryptocurrency to be at $100k per coin by then, so they would have no issue biting the bull of a short-term high APR for the long-term exponential price appreciation of the cryptocurrency. The post by the Redditor had more than 500 comments during the time of writing, with some supportive of this idea- while others warned the posters of the dangers of such an approach.