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CBS Local — How much would you put at risk to invest in the hottest digital currency in the world? For some people, the skyrocketing value of Bitcoin is worth putting their own homes at stake. According to reports, a number of investors looking to cash in on the soaring prices have resorted to putting their houses up as collateral to fund the venture. We’ve seen mortgages being taken out to buy bitcoin. Joseph Borg of North American Securities Administrators Association said, via Business Insider.
The president of the securities firm added that he believes the risks outweigh the rewards tied to the popular cryptocurrency. 100,000 a year, who’s got a mortgage and two kids in college ought to be invested in. Economic experts have started to speculate when the bubble will burst on Bitcoin’s value. The digital currency has already taken a sharp dive after reports that hackers were able to steal tens of millions of dollars worth of Bitcoin on Dec. Morningstar analyst Jim Sinegal said, via CBS Chicago.
If you have money in the bank, the bank is protecting your money. If you have money in bitcoins, it’s all your responsibility. Oscar Darmawan – CEO of Bitcoin. I really believe that Blockchain technology will eventually change the way system works. Bitcoin might revolutionize more than money or economics. It could transform the role and nature of government. Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.
But I am not familiar with the specific product to assert whether it is the best potential setup. And we need a long time to establish confidence. If I had money in Bitcoin, I would have reported it. Bitcoin will become a huge, worldwide success. Virgin Galactic is a bold entrepreneurial technology. It’s driving a revolution and Bitcoin is doing just the same when it comes to inventing a new currency. The next step in human evolution would be a race that could put their trust in each other, not in their rulers or politicians.