Buying Bitcoin with Debt Stinks of Bubbles

Joseph Borg, president of the North American Securities Administrators Association, explained how he had seen people putting their houses for mortgage in order to buy Bitcoin in a frenzy of not wanting to miss out.

It is a worrying trend, as these decisions are foolhardy to say the least, but moreso, they are dangerous -- as they have preceded other bubbles in the past. While the product (dot com sites, or housing) is not necessarily bubble-prone, the way in which people react to it can cause a pop.

Bitcoin is a speculative market, and it is in a feeding frenzy at the moment as people try and get in on the wild ride. But moves like buying Bitcoin in debt could lead to a catastrophic end for the currency.

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