Never Borrow Money to Gamble on Altcoin InvestmentsJuly 1, 2020
During the 2017 and 2018 cryptocurrency/ICO craze, some people went to great lengths to invest in these markets. For some, it has paid off well, whereas others now stare down a gaping hole of debt that may never be repaid in full.
Borrowing money to invest in financial markets is always asking for trouble.
Never Loan Money to Invest or Gamble
Whether it is cryptocurrencies, stocks, bonds, treasuries, precious metals, or otherwise, one should never gamble with borrowed money.
Unfortunately, the 2017 price spike of cryptocurrencies attracted a lot of attention.
So much even that multiple people borrowed money to make investments.
In the case of this Reddit user, things have not gone according to plan by any means.
Not only is there a major loan waiting to be paid off, but there is no money coming in to pay for anything.
The user has, allegedly, lost both his job and his marriage due to the cryptocurrency investments and their negative returns throughout 2018 and 2019.
Making monthly payments of 8,194 in local currency to repay a 48-month loan is no easy feat by any means.
Investing in altcoins is never a smart decision either, as they tend to be even more volatile than Bitcoin itself.
A valuable lesson can be learned from this individual, and how borrowed money should never be used for gambling of any kind.
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