And the bitcoin craze continues... So eager are people to get in on the latest trend they are taking out mortgages on their homes to buy up the rocket
And the bitcoin craze continues…
So eager are people to get in on the latest trend they are taking out mortgages on their homes to buy up the rocketing cryptocurrency, according to one US regulator.
People are borrowing cash against their home for bitcoin, said Joseph Borg, the director of the Alabama Securities Commission and president of the North America Securities Administrators Association speaking to CNBC.
And it’s safe to say, he does not think that’s a great idea, describing the cryptocurrency’s ascent as a “mania curve” that will level off “at some point”.
“We’ve seen mortgages being taken out to buy bitcoin. … People do credit cards, equity lines,” he said. “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.”
Bitcoin’s rise has attracted talk of a bubble as it rocketed to record highs past $17,000, continuing an astonishing upward trajectory in which it has gained more than 1,000% this year.