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Desperate to get into bitcoin, investors slip into debt

January 11
16:13 2018

Some investors are taking dangerous risks to get into cryptocurrencies.

Roughly 18 percent of people who buy bitcoin use a credit card to do so, according to a new survey by loan marketplace LendEDU. Of those, 20 percent have not paid off their balance. The phrase “buy bitcoin with credit” has been trending on Google for weeks.

Joseph Borg, president of the North American Securities Administrators Association, a voluntary organization devoted to investor protection, said he often hears of people who’ve made financial sacrifices to own cryptocurrencies.

Some are relatively benign: People who have transferred a portion of their money from stocks or mutual funds. But he also hears from people who have gone into credit card debt or taken out home equity loans on their house.

Continue Reading at CNBC

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