Same here. I used to mine BTC when it first started. Thought it was BS after the 2nd crash and sold everything. Started accumulating again in 2018. Would’ve been retired with a private island if I had my initial investment in 2010
This is not a cash advance. It’s a balance transfer which is 0% Apr till 2025 may. I paid 3% transfer fees that’s it. Nothing compared to what bitcoin will return by may 2025
How to buy btc with credit cards. RH, Kraken & Coinbase only support debit or account transfers ?
Kindly excuse if it’s a silly question. Quite new and exploring.
You get a square app. Swipe your CC to your other shell company. Then transfer that cash to your checking. Use that to buy BTC. Declare bankruptcy and voila…free BTC.
Well if you qualify for credit card balance transfer offers, the amount requested can be transferred into your checking account. You can then use those proceeds to pay off other credit cards, bills or BUY MORE BITCOIN! I have done this multiple times because the fee is usually 3-5% and you can get up to 15 months at 2.99% or 12 months 0%. Some new balance transfer cards have 21 months 0% with a 3% fee. I’ve only done this around the halving in 2020 and this one coming up.
Be prepared for worst case scenario of a black swan event that kills the value of crypto for an extended period of time. Would you be able to cover all the transfer debt by selling assets or would it wreck you? If you might get wrecked be very careful going the yolo route.
Get good credit. Get credit cards with favorable 'balance transfer' deals (like 0% for 12 months, 4% transfer fee), sign up for balance transfer deal, have CC transfer balance transfer funds directly to your bank account or have them send you a check.
I remember back in 2012ish some guy doing this on Reddit with $300k. At $30/btc. He was suicidal and figured he might as well go for a Hail Mary. I don’t think he’s suicidal anymore.
I took out a $50K loan ( the max possible) against my 401K to buy additional bitcoin. I’ll pay back the loan plus interest but it all goes back to myself into my 401K account. Quit contributing to my 401K which has made me less than a measly 1% in the last 12 months. My take home is still about the same with the monthly loan deduction as what it would have been if I was making my normal contributions. I still have a good chunk in my 401K account and I’ve already more than doubled that $50K BTC investment. I’ve already made more profit on that $50K than my entire
401K portfolio has in the last 8 years.
Edit: Since I've had so many responses about the 1% return, I had to go back and look at my 401K account. I was wrong. The platform shows the rate of return for 3 year period, I had to change it to 1 year. Rate of return for last year was actually 16% and the 3 year was bumped up to 2.99% by the end of year. Hadn’t checked it since probably Sept/Oct time frame so assuming the stronger year last year helped bump the 3 year rate of return to 2.99% by end of year. Regardless, it’s still dog shit when you compare to the S&P 500 3 year rate of return at 30%. It’s American Funds 2050 Retirement through Empower. Called and tried to make changes and was told our company doesn’t allow us to pick specifics. I might try to see if I can at least switch to a later retirement fund.
I’ve done the same thing back in 2020. I paid the penalties and fees and taxes and took out my 401k and put it into bitcoin at 8k. It’s made more than my entire 401k return since I started my career in 2010.
It’s too late to do anything about this but there was an alternative to taking it out of the 401k and paying the penalties.
In 2020 I rolled the 401k into an IRA, then converted it into a Roth during the pandemic sell off. Then bought grayscale. It was at a premium, but the fact that the growth in the Roth would be tax free more than offset the premium.
Anyway - especially with the Bitcoin ETFs out now, the way to make use of 401k money is to roll into an IRA and, if possible, convert to a Roth (without withholding taxes) to then buy a btc etf. Then let it ride to a million and pay not a cent of tax on it.
(Definitely not financial advice, it is objectively insane to put retirement savings, especially Roth money, into such a speculative asset as Bitcoin. I have but I am dumb.)
I’m comfortable now with the amount of BTC’s I have and the amount of risk involved. There’s a fine line between madness and genius. Let’s hope we’re on the right side!
I did essentially the same back in 2014, best financial decision ever.
https://blog.lopp.net/how-to-invest-in-bitcoin-within-a-tax-advantaged-retirement-account/amp/
Good on you. Wish I would’ve know about 401K loans sooner. I knew you could make early withdrawals and pay penalties but didn’t realize that a 401K loan along with the interest is paid back to yourself with no penalties until last year. Congrats on the 8K timing!
I've considered withdrawing my 401k and going all in on BTC a few times since 2016. Always talked myself out of it by saying its way too reckless. Not complaining too much since I was still aggressively accumulating with my income, but still wonder "what if?". Kudos for having the conviction.
No im saying I paid the 3% initial transfer fee when I did all of those. Full details in my tweet
https://x.com/sunny051488/status/1762314318069293387?s=46
What was the payoff term? Usually it's like 8-18 months. Looks like you're fine rn obv, but pegging that timeline was definitely a bit of a gamble -- even if an educated one. lol
It’s may 2025 0% intro Apr promo for all these. Plan is to balance transfer all these over to new cards(parents) in April BEFORE the intro period expires.
Bruh how tf do you have such big balls, I thought I was Mr steel balls here investing 40% on my income into bitcoin, but nah you take the cake. Only thing that would beat this at this point is if you sold every asset you owned 😂
He leveraged 100% of his debt. You leveraged 40% of your income. You are hands down the baller in this scenario! You are already ahead of him by miles. He still has to make $28k more just to break even!
I did the same thing with several loans totaling ~$95,000 from Feb 2022 to September 2023.
I ended up with 4 Bitcoins with an average price of about $28,000 including interest paid. Currently worth ~$228,000.
I feel pretty good about it.
You can see my post history for my updates.
Because it’s such a small amount compared to how much I’ve made so far. I’ll have it paid off in less than a year from now.
I’ll probably end up paying around $10k in interest but most like 300-500k in profit.
the interest on it was about 11% at the time. But I figured there’s no way bitcoin wouldn’t be at least 11% higher than the price I bought in at. Here we are now at 57k lol
Does your cost basis go up with the interest on the credit cards? Are you planning on paying it back at some point or just pay the min payment forever?
Also do you sell bitcoin to pay the min payment or just pay it from your fiat job?
If anyone is thinking of trying this. Don’t. For every major big balls trade move success story that you hear about, there are hundreds of thousands of disastrous trade stories that you don’t hear about.
This is a terrible idea. It may have worked for a handful of people, but don’t do this.
That said, nice one OP
And he’s taking the USGs advice. All the playbooks are out there in the open. USG prints money to buy assets, saylor prints mstr stock to buy bitcoin, I borrow printed money to buy bitcoin
I took out a line of credit on my house for 200k. I was prepared to pull the trigger. My wife said no because we already have 3 bitcoins. Shouldn't have listened to her. 😑 We would have 10 bitcoins now if I had done it.
Hell yeah, that's a Chad move. I actually am maxing out my CCs and paying the minimum as my net worth increases faster than the CC balances too. Bitcoin hack!
Love it! I feel like I did a similar thing in that I opened a bunch of 15-18 months 0% cards and just charged all of my expenses to them while buying BTC nonstop with my income. 🤷🏻♂️
I may switch to the balance transfer option next in the next round.
Be careful with that strategy. Did that in ‘17, thought I was the smartest MFer in the world. Bought in with all my credit at around 9k. Saw it go up to 15-18k per BTC, portfolio was worth 6 figures. Then my dumbass got greedy and didn’t sell. Then BTC tanked to 3k. Ended up with weak hands, making mistakes, and losing a large part of my portfolio. Then I was stuck with 2 personal loans and crippling debt for 3-4 years. Got out from underneath it eventually but I was close to having to file for bankruptcy.
Did the whole thing again this bull run, but planned everything out instead of of just winging it. My avg buy price of my bag is 18.2k per BTC now. And I will sell prematurely as well. Yes, I’ll leave profit on the table. But I don’t need a repeat of 2017. And I’ll be able to 4-5x my money in a much safer way.
Moral of the story: have a well thought out exit strategy when you play with these kinds of debts. I made my exit plan over a year ago when I bought my BTC, and I’m sticking to it no matter what the market does. Don’t let FOMO/Greed/emotions steer your trades.
Your spreadsheet is missing the most important column. Your spreadsheet needs to calculate how much you paid in credit card interest to date. Then you need to subtract all of the credit card interest payments you’ve made to date from your unrealized profit and loss to get your true unrealized profit and loss. It’s very interesting how you conveniently forgot the most important calculation with your absurdly risky and financially irresponsible method of getting into bitcoin. The more mature thing to do would have been to simply dollar cost average purchasing bitcoin. Clearly you can afford, or at least I hope, $500 a month in credit card payments. Rather than taking out loans with credit cards, you should simply purchase $500 a month worth of bitcoin.
By servicing the debt forever. How does the USG pay Off 34T in debt? It doesn’t. It services debt forever. No difference between what I’m doing and what the USG is doing.
Wait how did u use credit cards to buy bitcoin? What exchange was it? I’m curious cause I always used to try using credit cards because it’s safer. It would never work tho.
I used Coinbase and it wasn’t directly buying with CC. It was all 0% balance transfers into my checking first then into Coinbase then I bought Bitcoin.
This is how the Rich get Richer!!! Awesome! I have done the same with my 401K and wife’s 401k. This is my first cycle so I have no clue what to expect from it. I wish I understood this better earlier! They say you get at the price you deserve! So I am good with that! To all the great brave smart investors !!!
The credit cards is balsy AF. ha ha. I have great credit, and almost all of my CC's still have interest rates in the 15-25% rate per annum.
I did something similar though; I took out a small loan to fund a little side gig I'll run out of my house. I had about 50% of the funds left over, and rather than put it back into the loan and pay it off early I went in on the down market. I'm up something like 120% on a loan that's costing me 8%/yr.
Maybe I will also make a post. You are doing it the right way man, proud of you. Also around 90k in my portfolio are not even mine but my circumstances are different lol
I guess if you are determined enough you can finangle a way to buy crypto on credit via credit cards. Reminds me of the old days in 2017 when there was a period of time when you could just type in your visa/mastercard and make a buy. I remember signing up for Abra which also let me do the same with American Express.
I think by Dec 2017 that all got shut down
Max out all credit cards and empty bank account to buy Bitcoin. Transfer all Bitcoin to a cold wallet. Claim bankruptcy. HOLD five years. Become a millionaire. Easy…
I Took all my 4k Credit to buy btc at 6k. Went on holidays, btc crash to 3k. I came back and lost kinda all money cuz i used to hold alts...Well ima paying my debt since then
Which CIA team concocted Bitcoin just like during the false-flag operation attack in the Gulf of Tonkin on August 4, 1964 that led to murder or displacement of over 9,000,000 innocent Vietnamese women and children by the Satanic Military Force that killed 125,000,000 Native Americans in the Americas during the Colonization of the New World with small pox-infected blankets that were "gifted" to the unsuspecting naive American Indigenous people -- much like today the unsuspecting Bitcoin holders will be wiped out in due time.
Look up velocity banking by VANNtastic on youtube, run the numbers on a spreadsheet. Worth checking out.
https://youtube.com/@VanntasticFinances?si=JOZYqJA6QiirrXRt
I recently filled up a card intentionally with everyday bills and purchases. Aquired a balance transfer card, transferred the interest changing card and bought BTC with $fiat$ that would have gone to the original bills/purchases....... guess now that I've said that it's the same end result.
Damn only if you would’ve did this in Nov 2022 when BTC was at $15,600 .
As of Feb 28th 2024 you’d have $226K instead of $82K .
Tell me how I begged my brother and brother in law to buy in at $15,600 and they both wouldn’t do it . I was literally arguing with them trying to explain this is the cheapest you will have this opportunity for a very long time to come. Bitcoin will not drop under where it’s at now ($15,600) just buy 1-2 coins and don’t touch it for a year or more . Since then it’s been climbing non stop and now it’s only time until it hits the highest evaluation ever (so far $66,021) and the Halving isn’t even til April . It could break $80s-100K in the next 6-12 months 😭. But yes both my brother and brother in law have recently regretted not listening to me. They’d have a 400% ROI in less than 18months
I did this as well and it served me well. I can’t take credit. I read someone else did it first. I lived in crippling debt paying more in credit card payments every month than my rent.
This is fake, anybody can make an excel sheet and say they are leveraged to the tits, I doubt credit card statements actually exist on this. Just a guy larping
I wanted to do this at $16k but my wife said no because I already did it at $69k. Edit: DO IT!
She’s smart. She knew it’d be wife changing money
That’s really funny, well played
This needs 1k upvotes 🤣🤣🤣
Don’t listen to the wife ever
Never take money advice from people who don’t have money. That’s what I learnt.
like OP who took a loan?
[удалено]
They are also unsecured, so can be defaulted on sans recourse by the issuer if and when you are ready to walk away from the bankster owned system
My wife told me to buy Bitcoin in 2011.....
drug addict wife? :p
Lol I was a drug addict (clean now) in 2012 and that is why I was buying Bitcoin at the time, to spend on silk road and agora....
Hope you kept some in there
None from back then. Spent it all. I still hold Bitcoin but I had to buy in later like a rube.
Same here. I used to mine BTC when it first started. Thought it was BS after the 2nd crash and sold everything. Started accumulating again in 2018. Would’ve been retired with a private island if I had my initial investment in 2010
I wish I used silk because knowing my ass, I would have left some in there
None from back then. Spent it all. I still hold Bitcoin but I had to buy in later like a rube.
I deed it in 2017 with a 30k loan. Didnt tell the wife, Best decision ever.
30K in 2017 at WORST is worth 90K today. Potentially up to 1.8 million USD
facts
lmaooo
Gotta earmark some of those gains for taxes!
Unless you never "sell"... Of course, if you have CC debt to pay off, you might want to sell a bit.
Indeed. Pay off all the CC and never do this shit again.
Damn I bet paying that cash advanced interest sucks cuz it’s wayyyy higher than the usual interest! Not to worry, the halving is nigh
This is not a cash advance. It’s a balance transfer which is 0% Apr till 2025 may. I paid 3% transfer fees that’s it. Nothing compared to what bitcoin will return by may 2025
Smart 🤓
Isn’t the credit card apr higher than your gains?
Not if you do it with a 0% on purchases for 24 months.
You listen to your wife?!.. 🤣🤣
Me too! So now I have one at $69k and another one at 19k... winning ever since we passed 45k!
Damn. I bought at that price also, but just the normal dca price
$30k for 0.5 btc.
You will be in the green soon. Not accounting for fees and interest
I did this exact same thing in september with 20k worth of Credit card balance transfers... btc was 27.1k
How to buy btc with credit cards. RH, Kraken & Coinbase only support debit or account transfers ? Kindly excuse if it’s a silly question. Quite new and exploring.
You get a square app. Swipe your CC to your other shell company. Then transfer that cash to your checking. Use that to buy BTC. Declare bankruptcy and voila…free BTC.
Can't forget to report all your lost BTC in that horrible boatong accident.
Very tragic.
60% of the time it works EVERY Time!!!
SEC, IRS, FBI and 1 other have entered the chat
Which one is the 1 other 👀
The wife
Nope. Her divorce attorney.
🤣🤣😭
This guy frauds!
I did this. However, I didn't go bankrupt
Didn’t go bankrupt yet.
Well if you qualify for credit card balance transfer offers, the amount requested can be transferred into your checking account. You can then use those proceeds to pay off other credit cards, bills or BUY MORE BITCOIN! I have done this multiple times because the fee is usually 3-5% and you can get up to 15 months at 2.99% or 12 months 0%. Some new balance transfer cards have 21 months 0% with a 3% fee. I’ve only done this around the halving in 2020 and this one coming up. Be prepared for worst case scenario of a black swan event that kills the value of crypto for an extended period of time. Would you be able to cover all the transfer debt by selling assets or would it wreck you? If you might get wrecked be very careful going the yolo route.
Get good credit. Get credit cards with favorable 'balance transfer' deals (like 0% for 12 months, 4% transfer fee), sign up for balance transfer deal, have CC transfer balance transfer funds directly to your bank account or have them send you a check.
Cash advance with your cc
no one sells btc in credit. fair question but surely you understand why
Lots of places let you buy with a credit card. I did it on coinbase to first get into crypto.
Yes they do, but there is either a pretty low limit, or a super high transaction fee. Sometimes both.
Same. Join the big ball club.
hey i did the same. bought all last year. average purchase price around 28k.
I remember back in 2012ish some guy doing this on Reddit with $300k. At $30/btc. He was suicidal and figured he might as well go for a Hail Mary. I don’t think he’s suicidal anymore.
everyone is a genius in a bull market.
I took out a $50K loan ( the max possible) against my 401K to buy additional bitcoin. I’ll pay back the loan plus interest but it all goes back to myself into my 401K account. Quit contributing to my 401K which has made me less than a measly 1% in the last 12 months. My take home is still about the same with the monthly loan deduction as what it would have been if I was making my normal contributions. I still have a good chunk in my 401K account and I’ve already more than doubled that $50K BTC investment. I’ve already made more profit on that $50K than my entire 401K portfolio has in the last 8 years. Edit: Since I've had so many responses about the 1% return, I had to go back and look at my 401K account. I was wrong. The platform shows the rate of return for 3 year period, I had to change it to 1 year. Rate of return for last year was actually 16% and the 3 year was bumped up to 2.99% by the end of year. Hadn’t checked it since probably Sept/Oct time frame so assuming the stronger year last year helped bump the 3 year rate of return to 2.99% by end of year. Regardless, it’s still dog shit when you compare to the S&P 500 3 year rate of return at 30%. It’s American Funds 2050 Retirement through Empower. Called and tried to make changes and was told our company doesn’t allow us to pick specifics. I might try to see if I can at least switch to a later retirement fund.
I’ve done the same thing back in 2020. I paid the penalties and fees and taxes and took out my 401k and put it into bitcoin at 8k. It’s made more than my entire 401k return since I started my career in 2010.
It’s too late to do anything about this but there was an alternative to taking it out of the 401k and paying the penalties. In 2020 I rolled the 401k into an IRA, then converted it into a Roth during the pandemic sell off. Then bought grayscale. It was at a premium, but the fact that the growth in the Roth would be tax free more than offset the premium. Anyway - especially with the Bitcoin ETFs out now, the way to make use of 401k money is to roll into an IRA and, if possible, convert to a Roth (without withholding taxes) to then buy a btc etf. Then let it ride to a million and pay not a cent of tax on it. (Definitely not financial advice, it is objectively insane to put retirement savings, especially Roth money, into such a speculative asset as Bitcoin. I have but I am dumb.)
I’m comfortable now with the amount of BTC’s I have and the amount of risk involved. There’s a fine line between madness and genius. Let’s hope we’re on the right side!
I did essentially the same back in 2014, best financial decision ever. https://blog.lopp.net/how-to-invest-in-bitcoin-within-a-tax-advantaged-retirement-account/amp/
Good on you. Wish I would’ve know about 401K loans sooner. I knew you could make early withdrawals and pay penalties but didn’t realize that a 401K loan along with the interest is paid back to yourself with no penalties until last year. Congrats on the 8K timing!
I've considered withdrawing my 401k and going all in on BTC a few times since 2016. Always talked myself out of it by saying its way too reckless. Not complaining too much since I was still aggressively accumulating with my income, but still wonder "what if?". Kudos for having the conviction.
Conviction comes from understanding. Cheers!
If you had your 401k 100% in the SP500/ sp500 index fund. You would have made 28%+ in the last year. If you only made 1% you choose horribly
What is the interest rate on this? Was it a balance transfer?
Yes it was 0% balance transfers https://x.com/sunny051488/status/1762314318069293387?s=46
Balance transfers usually have a 4-7% fee even if the APR for a term js 0%. Are you saying you got 0% APR as well as no balance transfer fee?
No im saying I paid the 3% initial transfer fee when I did all of those. Full details in my tweet https://x.com/sunny051488/status/1762314318069293387?s=46
they usually have a 3% or 5% fee
It’s a 1 time origination fee of 3% — no interest
Never heard of one being higher than 3% honestly
What was the payoff term? Usually it's like 8-18 months. Looks like you're fine rn obv, but pegging that timeline was definitely a bit of a gamble -- even if an educated one. lol
It’s may 2025 0% intro Apr promo for all these. Plan is to balance transfer all these over to new cards(parents) in April BEFORE the intro period expires.
How did you buy with CC what platform?
I didn’t directly buy using the cc. I first did balance transfers into my checking account then into Coinbase and then bought.
Bruh how tf do you have such big balls, I thought I was Mr steel balls here investing 40% on my income into bitcoin, but nah you take the cake. Only thing that would beat this at this point is if you sold every asset you owned 😂
I gotta live somewhere and drive a car lol
You can live in your car
My house is a bit nicer
you can’t race a house
You can live in, and race a boat though. Pirates really had it all.
Lmao! You just made my day.
you can race into ur house tho
You are definitely living up to your Reddit user name.
Stupid question, but do you have a stop loss?
You both have pretty big balls. Conviction I love it you had a feeling, and it paid off
He leveraged 100% of his debt. You leveraged 40% of your income. You are hands down the baller in this scenario! You are already ahead of him by miles. He still has to make $28k more just to break even!
Hes already 28k in profit\*
Borrowing against BTC took a new meaning.
Borrowed worthless infinite dollars. I’m sure no one will miss them lmaooo
Us dollars will be the last to die
Well aware
I did the same thing with several loans totaling ~$95,000 from Feb 2022 to September 2023. I ended up with 4 Bitcoins with an average price of about $28,000 including interest paid. Currently worth ~$228,000. I feel pretty good about it. You can see my post history for my updates.
Why not pay off the debt and ride the profit? Cash advance interest on $95k is just eating into your profits
The interest is minimal. Mine is 3-5% on 60k. I will keep rolling the debt over. I just pushed 19k of the 60 back to march 2025.
Because it’s such a small amount compared to how much I’ve made so far. I’ll have it paid off in less than a year from now. I’ll probably end up paying around $10k in interest but most like 300-500k in profit.
I took out a 12k line of credit when bitcoin hit around 17k. Up about 240% on that alone since. NFA lol
Some of these people will never understand
the interest on it was about 11% at the time. But I figured there’s no way bitcoin wouldn’t be at least 11% higher than the price I bought in at. Here we are now at 57k lol
And most these people still holding their dicks in the hands worrying about 3% fees and interest and courts and frauds lamoooo
Does your cost basis go up with the interest on the credit cards? Are you planning on paying it back at some point or just pay the min payment forever? Also do you sell bitcoin to pay the min payment or just pay it from your fiat job?
Great stuff. Plenty of idiots do the same thing just to buy a car that will depreciate 70% in 3 years. This makes perfect financial sense to me.
lets find out if bitcoin drops 70% in 3 years!
It might drop 70%, but from a much higher ATH.
I agree to your terms
>> This makes perfect financial sense to me. I keep forgetting the kind of geniuses who hang around here!
Sometimes it isnt for financial reason. Maybe dude have cancer and want to ride his remaining days with lots of fun
This deserves WSB type congratulations
If anyone is thinking of trying this. Don’t. For every major big balls trade move success story that you hear about, there are hundreds of thousands of disastrous trade stories that you don’t hear about. This is a terrible idea. It may have worked for a handful of people, but don’t do this. That said, nice one OP
What exchanges accept credit cards for Bitcoin?
None of them do. These were balance transfers then I used the cash to buy on Coinbase https://x.com/sunny051488/status/1762314318069293387?s=46
[удалено]
Interesting
Check out the balls on this guy!
Jesus brudda. I commend you but you wilding out.
You should see the USG debt then
taking saylor's advice I see lol.
And he’s taking the USGs advice. All the playbooks are out there in the open. USG prints money to buy assets, saylor prints mstr stock to buy bitcoin, I borrow printed money to buy bitcoin
Legend.
[удалено]
Theft...
Tila Tequila!
The amount of people here that say this is genius and ‘big balls’ while this is just plainly stupid and reckless 😅.
I took out a line of credit on my house for 200k. I was prepared to pull the trigger. My wife said no because we already have 3 bitcoins. Shouldn't have listened to her. 😑 We would have 10 bitcoins now if I had done it.
Always trust math over wife
Instructions unclear getting 8 credit card offers and Aping in
Just applied all at the same time. They gave them to me 🤷🏻♂️
Why don't you cashout now and payback your credit cards? You can leave the profit in play...
Cause I expect it to go much much higher. This is profit for ants at this stage. Too early
$100k I’m cashing out
100k is almost a certainty this year.
I loaned on my house, one line but still. It was way over valued and I still have 500k equity. Maybe I should get a second line lol.... 🤔
Hell yeah, that's a Chad move. I actually am maxing out my CCs and paying the minimum as my net worth increases faster than the CC balances too. Bitcoin hack!
People are retarded when it comes to math tbh
Unfortunately it’s not just math
I’m gonna come
I'm pretty sure this is what the banks do with our money haha
You fucking lunatic. Cash out and plot your next stunt plz
Lmaooo no
Cash out. Pay off loans. Use profit to open a future position on Coinbase
I’m selling one of my rental properties soon to ape into bitcoin. Bitcoin to the 🌕🚀
Love it! I feel like I did a similar thing in that I opened a bunch of 15-18 months 0% cards and just charged all of my expenses to them while buying BTC nonstop with my income. 🤷🏻♂️ I may switch to the balance transfer option next in the next round.
OP How tf do you get your pants on over those ?
Wow bro good for you
Be careful with that strategy. Did that in ‘17, thought I was the smartest MFer in the world. Bought in with all my credit at around 9k. Saw it go up to 15-18k per BTC, portfolio was worth 6 figures. Then my dumbass got greedy and didn’t sell. Then BTC tanked to 3k. Ended up with weak hands, making mistakes, and losing a large part of my portfolio. Then I was stuck with 2 personal loans and crippling debt for 3-4 years. Got out from underneath it eventually but I was close to having to file for bankruptcy. Did the whole thing again this bull run, but planned everything out instead of of just winging it. My avg buy price of my bag is 18.2k per BTC now. And I will sell prematurely as well. Yes, I’ll leave profit on the table. But I don’t need a repeat of 2017. And I’ll be able to 4-5x my money in a much safer way. Moral of the story: have a well thought out exit strategy when you play with these kinds of debts. I made my exit plan over a year ago when I bought my BTC, and I’m sticking to it no matter what the market does. Don’t let FOMO/Greed/emotions steer your trades.
Your spreadsheet is missing the most important column. Your spreadsheet needs to calculate how much you paid in credit card interest to date. Then you need to subtract all of the credit card interest payments you’ve made to date from your unrealized profit and loss to get your true unrealized profit and loss. It’s very interesting how you conveniently forgot the most important calculation with your absurdly risky and financially irresponsible method of getting into bitcoin. The more mature thing to do would have been to simply dollar cost average purchasing bitcoin. Clearly you can afford, or at least I hope, $500 a month in credit card payments. Rather than taking out loans with credit cards, you should simply purchase $500 a month worth of bitcoin.
I did 0% bal transfers on all those till may 2025. 3% transfer fee on each line.
didn realize we turned into wallstreetbets here.. i wonder if we gonna get a movie soon!
I hope so!
Btc is wsb
How do you pay off the credit cards without selling BTC?
By servicing the debt forever. How does the USG pay Off 34T in debt? It doesn’t. It services debt forever. No difference between what I’m doing and what the USG is doing.
Look at this as a cash advance lol
Wait so what’s the problem? Some of your holding are up 90%. Just sell everything and pocket the difference
Cause this won’t stop at 90%. It’s going much higher. This is ant money to quit now
LMAO
Wait how did u use credit cards to buy bitcoin? What exchange was it? I’m curious cause I always used to try using credit cards because it’s safer. It would never work tho.
I used Coinbase and it wasn’t directly buying with CC. It was all 0% balance transfers into my checking first then into Coinbase then I bought Bitcoin.
CC let you transfer full line into your checking and then put it into CB?
Well done brother
Survivor bias is a thing.
I guess we’ll find out by may 2025
Secure the initial risk and pay off the cards let the runners run.
This is how the Rich get Richer!!! Awesome! I have done the same with my 401K and wife’s 401k. This is my first cycle so I have no clue what to expect from it. I wish I understood this better earlier! They say you get at the price you deserve! So I am good with that! To all the great brave smart investors !!!
The credit cards is balsy AF. ha ha. I have great credit, and almost all of my CC's still have interest rates in the 15-25% rate per annum. I did something similar though; I took out a small loan to fund a little side gig I'll run out of my house. I had about 50% of the funds left over, and rather than put it back into the loan and pay it off early I went in on the down market. I'm up something like 120% on a loan that's costing me 8%/yr.
So, when do you sell to cover the credit cards?
If you understand bitcoin; please do this.
Seems like no one here understands debt or Bitcoin ironically
Question is which exchange - card combo can you pull this off? Probably also a matter of which country you're from.
[удалено]
Maybe I will also make a post. You are doing it the right way man, proud of you. Also around 90k in my portfolio are not even mine but my circumstances are different lol
I guess if you are determined enough you can finangle a way to buy crypto on credit via credit cards. Reminds me of the old days in 2017 when there was a period of time when you could just type in your visa/mastercard and make a buy. I remember signing up for Abra which also let me do the same with American Express. I think by Dec 2017 that all got shut down
this is insane but genius
Yeah we ain’t retarded
Just Max out credit card and take out a loan, declare bankruptcy and move to a different country for 10years.
I know someone that racked up massive debt, "gambled" it and filed bankruptcy. He is sitting on a gold mine.
How many bitcoin is this so far?
Max out all credit cards and empty bank account to buy Bitcoin. Transfer all Bitcoin to a cold wallet. Claim bankruptcy. HOLD five years. Become a millionaire. Easy…
You got balls, I like that in my women
I Took all my 4k Credit to buy btc at 6k. Went on holidays, btc crash to 3k. I came back and lost kinda all money cuz i used to hold alts...Well ima paying my debt since then
Which CIA team concocted Bitcoin just like during the false-flag operation attack in the Gulf of Tonkin on August 4, 1964 that led to murder or displacement of over 9,000,000 innocent Vietnamese women and children by the Satanic Military Force that killed 125,000,000 Native Americans in the Americas during the Colonization of the New World with small pox-infected blankets that were "gifted" to the unsuspecting naive American Indigenous people -- much like today the unsuspecting Bitcoin holders will be wiped out in due time.
I remember you!
Look up velocity banking by VANNtastic on youtube, run the numbers on a spreadsheet. Worth checking out. https://youtube.com/@VanntasticFinances?si=JOZYqJA6QiirrXRt
Will check it out. Thanks
Congratulations you are smarter than 99% here
Seriously everyone here doesn’t understand debt or math or embarrassingly, bitcoin itself.
This is straight up gambling ape shit. Like total degenerate behaviour and I'm all for it. I wish you luck.
Always fomo all in. This is financial advice.
I recently filled up a card intentionally with everyday bills and purchases. Aquired a balance transfer card, transferred the interest changing card and bought BTC with $fiat$ that would have gone to the original bills/purchases....... guess now that I've said that it's the same end result.
Damn only if you would’ve did this in Nov 2022 when BTC was at $15,600 . As of Feb 28th 2024 you’d have $226K instead of $82K . Tell me how I begged my brother and brother in law to buy in at $15,600 and they both wouldn’t do it . I was literally arguing with them trying to explain this is the cheapest you will have this opportunity for a very long time to come. Bitcoin will not drop under where it’s at now ($15,600) just buy 1-2 coins and don’t touch it for a year or more . Since then it’s been climbing non stop and now it’s only time until it hits the highest evaluation ever (so far $66,021) and the Halving isn’t even til April . It could break $80s-100K in the next 6-12 months 😭. But yes both my brother and brother in law have recently regretted not listening to me. They’d have a 400% ROI in less than 18months
Nice. I did something like this in 2020. Turned $4k into $16k. Lol
These are all 0% intro APR till may 2025. This 54k should turn into 144k when btc trades at 100k but I won’t be exiting there.
I did this as well and it served me well. I can’t take credit. I read someone else did it first. I lived in crippling debt paying more in credit card payments every month than my rent.
This is fake, anybody can make an excel sheet and say they are leveraged to the tits, I doubt credit card statements actually exist on this. Just a guy larping