The volatile year of Bitcoin (BTC) has not discouraged a Reddit user, who borrowed over $59,000 (about 1.5 million TL) and invested it all in the leading cryptocurrency. Despite Bitcoin’s unpredictable price movements, the Redditor is rather pleased with his strategy.
Bitcoin Investment with Credit
According to the user’s post on the r/CryptoCurrency channel on Reddit, he has managed to make a gain of about 25%, amounting to $19,500. The user, known as “Vaginosis-Psychosis,” took out three loans totaling $59,000 to make his investment, which turned out to be profitable.
The investor, who has been buying BTC for the past 18 months, currently owns 2.65 BTC, equivalent to approximately $80,400. The investor believes that BTC will reach $100,000 by early 2025 and is planning to make a considerable profit from this prediction.
On June 30, the investor shared details of his loan and investment strategy. He drew loans of $15,000 and $20,000 during the periods of February and June 2022, with annual interests of 6% and 4.9% respectively. The monthly payments for these loans were $225 and $326. In June this year, he took out a third loan of $24,000 with a fixed interest of 8%, paying a monthly amount of $405.
BTC Investment
In May, the Redditor mentioned paying off his $15,000 loan and making a $3,500 payment towards another loan. His strategy was to settle the most recent loan first, apparently due to its high interest rate. Despite buying BTC at an average cost of $24,000, he was also able to purchase at a lower rate of $22,264.
The user plans to consider selling when BTC hits $100,000. He didn’t expect BTC to reach this mark within 18 months, but he remains hopeful and seems to have a long-term plan.
Many other users warned him even before he took out the loans, making comments like: “Taking a loan to invest in cryptocurrencies seems like a horror story.”
However, it appears the investor is currently enjoying the fruits of his investment.
