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People Are Taking Out Mortgages To Buy Bitcoin

We can be pretty sure that many of you guys out there are probably regretting that you did not cash in on Bitcoin when it was still relatively cheap. Back then not much was known about the cryptocurrency, and you couldn’t really be blamed if you thought that it was a bubble just waiting to be burst.

However that bubble has yet to burst, and with Bitcoin priced close to $20,000, if you had a couple back then, you could sell them off now and be rich. So the question is, has Bitcoin reached its peak? Is it worth buying any now or perhaps mining some for yourself? Turns out that despite its insane price, there are some who believe it could go higher, to the point where they are mortgaging their homes to fund their investment.

Speaking to CNBC, Joseph Borg who is the president of the North American Securities Administrators Association said, “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 also seems to be optimistic with regards to cryptocurrency and believes that they are here to stay, but whether or not it will be Bitcoin is a different story. “Cryptocurrency is here to stay. Blockchain is here to stay. Whether it is bitcoin or not, I don’t know.”

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