Should I max out my credit card to buy bitcoin?

E

elonmusk

Member
Since January the price of bitcoin has more than doubled. I thought at $1,000 is was too expensive so I decided not to buy and wait for the price to go back to $600. Unfortunately, the price has since risen to $2,300 so I'm kicking myself for not investing sooner. I have a feeling that the price will go over $3,000 before the end of the year so I'm tempted to buy bitcoin using the 10K limit on my Visa.

Is this a stupid thing to do?
 
N

neet

Member
Yes, this would be an incredibly stupid thing to do in the current environment. If you followed bitcoin news you'd probably be aware that there is currently a huge split in the community as to how the bitcoin blockchain should scale. There is a real possibility that bitcoin will split into two camps in the coming months. This would have a drastic effect on the price as each coin would probably be trading at a few hundred dollars a piece and you would lose 70%+ of your investment.
 
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