[News] #ThisIsSerious Get a loan for the Bitcoins in your hand

happydolphin (69)in #bitcoin • 7 years ago (edited)

News has it that you can now use your Bitcoins as collateral to get a loan. Well so said...
These Guys Want to Lend You Money Against Your Bitcoin

Many early buyers of Bitcoins are still just not ready to sell. So, you can feel rich in real life or virtual life but if you don't sell the Bitcoins, you cannot spend any of it. Help is on the way from this guys. I guess this very much means Bitcoin is officially a type of asset (again).

I believe the first time it given an official status was when CME started trading futures for Bitcoin which was not that long ago.

Don't hold your breathe on getting cheap funds though because the news have it that due the volatility of the price of Bitcoin, the borrowing cost could be high to the extend of 12 to 20 percent and that's an ouch. At that cost, that's about the same borrowing cost for unsecured loan. Somehow, it mention banks are reluctant (more likely they don't want to be in trouble with regulators) to get in on this (just yet).

Doesn't this make you feel good to be holding Bitcoin now that you can mortgage it like your house?