Investment Taking a loan to buy coins in a bearish market?

[Bookwormlux]

This crypto currency market situation at the moment provides a perfect entry point for a lot of coins that could be profitable when things get back to normal as they used to be and I am currently not having enough cash to buy the crypto Currencies that I have been thinking if buying whenever their prices drop.

My bank just sent me mail last week that I am eligible to borrow $50 from them which I think it is going to help me get a good percentage for the coins that I a thinking of getting.
The interest rate is 0.3 percent daily, depending on how long I delay before being able to repay the loan.

What do you advise I do in this situation? Is taking the loan to invest in Crypto Currencies advisable?

 

[funmi]

Taking a loan to invest in cryptocurrency to me looks like a suicide mission. I can never try that. And I will not advice any body I know to do that. In this bearish condition of the crypto? The falling of cryptocurrency this few weeks has been so abnormal and highly discouraging. It movement has gone below expectations and imagination. In conclusion, no one should ever try to take a loan to invest in cryptocurrency.

 

[Wisdom01]

Nope i cant do that because i would first consider repaying the loan and others which would be a difficult thing if the price of bitcoin goes down to a very large extent , its better i just avoid anything that involves borrowing loan and others during this time because to invest my savings is a no for me ,compared to investing loan in such which is a big deal

 

[Bookwormlux]

Taking a loan to invest in cryptocurrency to me looks like a suicide mission. I can never try that. And I will not advice any body I know to do that. In this bearish condition of the crypto? The falling of cryptocurrency this few weeks has been so abnormal and highly discouraging. It movement has gone below expectations and imagination. In conclusion, no one should ever try to take a loan to invest in cryptocurrency.

Thanks for the advice. I am also getting to see the risk factor in taking this Decision and I doubt if I would try it as the potentials have already been limited and it won't be wise to still proceed with the idea.
I think it is better to exercise some patience and then wait to see if I can save enough from my online earnings before investing.

 

[Kingsley]

As attractive as the crypto market maybe, it highly not rational enough to consider either selling a property or accessing loans to trade in the market. Accessing loans to invest in crypto currencies is a very risky venture and somany didn't come out of it with a good testimony. This is because the market is very volatile and anything can happen at anytime. No one is promising anyone anything. Whether in a bearish or bullish market it is all the same. The market can go either in your favour or against you at anything. It doesn't matter if you are a professional in trading, as even the professional also make some wrong predictions. When you access loans to trade the interest will start running immediately, but what will be the outcome when the profit is not forth coming. The loan company with not accept stories. So it is always better to invest from other sources into crypto so as not to have issues and to give yourself peace of mind.

One can work for a while and gather money and use that money to invest in crytp you can either be a short term trader if you are good or a long term trader if you are not so good in trading.

 

[eldavis]

Taking a loan to buy crypto coins during any season is completely risky and would not advice anyone to do so at all, anything could happen at anytime, the market could easily change without any notice or warning.
Some years back there was a story of a man who used company money to invest in Bitcoin without even taking permission first form the company. His mind was to invest and quickly cash out big time without anyone knowing but it backfired as the market went down and he was arrested.