A Redditor and member of the r\/CryptoCurrency community claims to be up 25% or $19,500 after taking out three personal loans worth a combined $59,000 to buy Bitcoin (BTC<\/a>) over the past 18 months. <\/p>\n According to the crudely named r\/Vaginosis-Psychosis, they now have a total of 2.65 BTC, which is worth $80,400 at current prices<\/a>\u00a0and are betting big on the price of BTC hitting $100,000<\/a> by early 2025. <\/p>\n In a June 30 post<\/a> on r\/CryptoCurrency, the user gave a run down on how they approached the risky method of getting their hands on BTC. <\/p>\n The first two loans were taken out in February and June of 2022, totaling $15,000 and $20,000 apiece. They had a fixed annual percentage rate (APR) of 6% and 4.9% each, with monthly payments totaling $225 and $326. <\/p>\n The third loan worth $24,000 was taken out in June 2023, with a fixed APR of 8% and monthly payments of $405. <\/p>\n So far, the Redditor claims to have paid off the $15,000 loan in May, along with chipping down $3,500 on the second loan. From here, they plan to attack the most recent loan, as that has the highest APR. <\/p>\n Including interest paid, they claim to have accrued BTC at an average price of $24,000 or $22,264 when not including interest paid. <\/p>\n \u201cThe way I see it, the US dollar is rapidly declining in value and prestige. Therefore, I will take out loans to buy Bitcoin and pay back said loans with inflated dollars that I earn from my job.\u201d<\/p><\/blockquote>\n \u201cI don\u2019t expect Bitcoin to be trading in this range 18 months from now. I expect BTC to be ~$100K per coin by then, so I\u2019ll bite the bull of a short-term high APR for the long-term exponential price appreciation of Bitcoin,\u201d they added. <\/p>\n Related: <\/em><\/strong>US SEC deems spot Bitcoin ETFs filings as inadequate: Report<\/em><\/strong><\/a><\/p>\n The post has more than 500 comments at the time of writing, with some supportive of the idea, while others have warned of the dangers of such an approach. <\/p>\n \u201cTaking [a] loan for crypto investing sounds like a horror story to me,\u201d the top comment with 457 upvotes from user r\/middlemangv reads, with r\/NotAdoctor_but adding: \u201cBecause it is. This is survivorship bias at its finest, also OP took a calculated risk, most won\u2019t.\u201d<\/p>\n Giving further context, the Redditor stated that they are single with no kids and earn around $60,000 from their job annually. They also said they have an affordable renting situation and are happy to invest 25\u201330% of their income into BTC monthly. <\/p>\n As such, the major risks in this instance would primarily be around the price of BTC crashing heavily and not recovering over the next few years or\u00a0losing their holdings via a hack<\/a> if they keep them in a hot wallet. <\/p>\n Maintaining employment would also be vital to keep chipping the loans down. <\/p>\n \u201cYou seem able to pay this. A win here can change your life. A \u2018loss\u2019 i.e., BTC doesn\u2019t go above $35K for three years +, would just mean another year of work. Worth the risk, congratulations OP,\u201d wrote user r\/Kakoyiannaros.<\/p>\n Magazine: <\/em><\/strong>Home loans using crypto as collateral: Do the risks outweigh the reward?<\/em><\/strong><\/a><\/p>\n<\/div>\n![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-07\/9f115990-0205-4648-a65f-f1826b432831.png\" "\\"\\"")
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