I make 60k after taxes and my living expenses are around 30k. Is there any reason why I shouldn't take out a 100k personal loan and put it into crypto? (Might try to set some low buy orders around 7k for a few weeks first to try to catch a flash crash). Looks like I could get a fixed APR around 7%. Even if all the loan money went poof for some reason, I could repay it in 3-4 years.
As soon as the money doubled I'd take out the principal and repay (no early repay penalty at my bank). Then I'd have an easy 100k and only need to 7-8x it to be able to retire from my job.
I feel like this would give me a lot of comfort. Right now I only have 8k invested and I feel like I need to chase every rumor and go all-in because 8k passively invested in BTC or a top 20 basket is never going to get me to where I need to go. But 100k would. I could just stash my coins on a ledger and stop fucking myself trying to actively trade. I could just chillax, ride the reliable big cap gains and be a millionaire in a year or two.
Give me reasons why I shouldn't do this, Veeky Forums.
(pic unrelated, I'm not fucking touching chainlink ever again)
Blake Sullivan
>touching chainlink ever >wanting to take out a loan to catch flash crashes Maybe spend your money on fixing your gambling addiction
Ryan Ramirez
Do it OP. There are no flaws in this plan.
Brayden Campbell
Go all in to chainlink and put that guy who reverse mortgaged his house for 3x gains to shame. Or, die penniless in the streets. Either way, you'll live forever in Veeky Forums history as a supreme meme.
Kevin Richardson
>Is there any reason why I shouldn't take out a 100k personal loan and put it into crypto? Lmao !!!
Gabriel Thompson
Honestly, if you're single and want to take that risk, go for it.
I have a kid so I gotta play safe, otherwise I would have done this earlier this year when I found out about crypto.
Mason Jackson
Only put as much money as you're willing to lose.
Daniel Jenkins
Kek F
Andrew Jones
I'd do it, but I'd do BCH, ETH, and XMR
40%, 30%, 30%
Wyatt Kelly
I'm single, no gf, no wife, no dependents. And like I said, I would have no problem paying it back in a timely manner if the money evaporated. It might set my planned early retirement back 2 years or so, but I feel that's an ok risk to take when I could push my retirement forward 2 decades if things go well.
I'm not a retard who thinks the bubble will never pop, but seeing as how institutional money hasn't even entered the space yet and the crypto cap is less than 1/10 of the tech bubble at its peak, I feel this thing still has at least a year and 10x more gains left in it before it all goes up in flames.
