Wednesday, December 13, 2017

Mortgages for Bitcoin?

This is simply mindboggling.

"We’ve seen mortgages being taken out to buy bitcoin. … People do credit cards, equity lines,” Joseph Borg, president of the North American Securities Administrators Association, told CNBC today. “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.”

It should be obvious that this is not a good idea, but according to Joe Borg, folks are actually taking mortgages on their homes to buy Bitcoin.

Put aside for the moment whether Bitcoin' valuations have a factual basis, and whether it is real or not. You cannot mortgage your home to make any investment - not IBM, not Google, not Berkshire Hathaway.

We are truly in a craze when folks are mortgaging their homes to buy something that swings in value thousands of dollars, multiple times, in a day.

No, you shouldn’t mortgage your house to buy Bitcoin – BGR

Lost money in cryptocurrency? Call Mark Astarita at 212-509-6544.

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