Search icon A magnifying glass. Kriston Capps December 17, Sarah Holder is a staff writer at CityLab covering local policy, housing, labor, and technology. Key Points. Blockchain is here to stay. Borg said that’s because innovation and technology always outrun regulation.
According to regulator Joseph Borg, the bubble’s going to burst.
When Joseph Borg opened his email on Monday morning, he found three new messages, all fervently advertising the same thing: bitcoin. Later that day, Borg, who focuses on consumer protection in Alabama, went on cable news to warn potential buyers about heeding these come-ons. Homeowners can borrow up to around 80 percent of their mortgage, depending on the value of the home and their credit score, paying back that loan at an average interest rate of about 5 percent. But if they default, banks could foreclose on their homes. Unlike the real estate bubble and its subsequent bust, bitcoin speculation is built on a less robust foundation. Gung-ho crypto buyers might argue that plenty of investments are equally speculative. Next month, another cryptocurrency, like Ethereumcould overtake bitcoin in popularity, said Borg.
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Thinking back to the first time you heard about Bitcoin is probably painful, and not just because it might conjure up memories of the dreadlocked white dude you went to college with who knew what was good with the dark web. The most gut-wrenching fact about this so-called cryptocurrency is that you’d be rich as hell right now had you actually listened to that loathsome and unlikely financial adviser. To put that in real terms, remember that guy who made news for buying two pizzas with Bitcoin back in ? Predictably, this news and its attendant promise of easy money has made Americans go insane. Meanwhile, the phrase «buy Bitcoin with credit card» was at least recently trending on Google. These are tempting gambles given that pensionless people a.
According to regulator Joseph Borg, the bubble’s going to burst.
When Vuy Borg opened his email on Monday morning, he found three new messages, all fervently advertising the same thing: bitcoin. Later that day, Borg, who focuses on consumer protection in Alabama, went on cable news to warn potential buyers about heeding these come-ons. Homeowners can borrow up to around 80 percent of their taking out a mortgage to buy bitcoin, depending on the value taking out a mortgage to buy bitcoin the home and their credit score, paying back that loan at an average interest rate of about 5 percent.
But if they default, banks could foreclose on their homes. Unlike the real estate bubble and its subsequent bust, bitcoin speculation is built on a less robust foundation. Gung-ho crypto buyers might argue that plenty of investments are equally speculative.
Next month, another cryptocurrency, like Ethereumcould overtake bitcoin in popularity, said Borg. In a matter of hours, ou digital fortune could become worthless. Or double in value! They get frenzied about it. Those who invested last year—or even last month—and are pulling out now rode the wave best, says Borg. When Borg got off the air that afternoon, he checked his email.
In the history of finance, however, the bitcoin craze is not really so unique. Crypto-critics inevitably cite the Dutch tulip-mania of Like those earlier bubbles, Borg says, the bitcoin one is doomed to burst. Sarah Holder is a staff writer at CityLab covering jortgage policy, housing, labor, and technology. When traffic-clogged highways are expanded, new drivers quickly materialize to fill. What gives? Storms supercharged by climate change pose a dire threat to river towns.
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VIDEO It’s entirely possible that some people could make a killing on their investments in the cryptocurrency. Unlike the real estate bubble and its subsequent bust, bitcoin speculation is built on a less robust foundation. Or double in value! Homeowners can borrow up to around 80 percent of their mortgage, depending on the value of the home and their credit score, paying back that loan at an average interest rate of about 5 percent. When traffic-clogged highways are expanded, new drivers quickly materialize to fill. CNBC Newsletters. Close icon Two crossed lines that form an ‘X’. What gives? Get In Touch. But if they default, banks could foreclose on their homes. Search icon A magnifying glass. Bitcoin keeps soaring higher. Gung-ho crypto buyers might argue that taking out a mortgage to buy bitcoin of investments are equally speculative.
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