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Is Taking Cash Out to Buy Bitcoins Smart?

There’s been some economic uncertainty in the US for several years now, and this means Americans are taking some unlikely routes toward financial security. One of the latest trends involves homeowners taking out mortgages to buy Bitcoins, a virtual currency that’s slated to become more popular over the next several years. Is this a smart move, or are these homeowners simply throwing their dollars away?

The Beginning of the Bitcoin Mortgage Trend

Early in 2017, one Reddit user took out an equity loan for the sole purpose of buying Bitcoins. At the time, it was trading for around $3000 a coin, and prices have since skyrocketed. That Reddit user is now quite a bit richer and his investment certainly paid off, but his daring attitude is rubbing off on others. According to Joseph Borg, a securities regulator, people are now using all their available lines of credit to buy into Bitcoin. This includes maxing out credit cards, using their home equity, and even taking out second mortgages all to get in on the Bitcoin craze. read more

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