I took out a loan to invest in crypto

I took out a loan to invest in crypto, and it was the worst decision ever’

– A recent survey found that 21% of investors in the US have used a loan to pay for their cryptocurrency investments.
– The most popular choice of loan was a personal loan, used by 15% of respondents.
– Other methods of funding crypto investments included payday loans, mortgage refinances, home equity loans, title loans, and funds left over from student loans.
– 10% of those who used payday loans did so to purchase cryptocurrency.
– Almost 19% of respondents said they had struggled to pay back at least one bill due to their crypto investment, while 15% noted that they were worried about eviction, foreclosure, or car repossession.
– Some argue that taking out a loan to invest in cryptocurrency can be a viable option if done sensibly.
– Cryptocurrency platforms also allow users with low credit scores to borrow money in a less regulated way.
– However, data shows that often borrowing money to invest in the crypto market leads people into financial hardship.
– The lack of education and regulation on investing in the cryptocurrency market can lead some to make poor decisions.

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