College Students Taking Out Loans To Buy Bitcoin Could Never End Poorly, Right?

bitcoin hundred dollar bills


Bitcoin mania might have died down since it crashed after reaching a peak of around $20,000 late last year, but if you’ve ever even casually mentioned the cryptocurrency on Twitter, you’re probably aware of the many devoted disciples committed to preaching the gospel of what they believe to be the future. The blockchain market has been particularly volatile recently, but it appears that’s not stopping speculators from getting into the game.

A few months ago, a securities regulator said people were taking out mortgages to buy Bitcoin, and now, there’s one group that is doing something similar to try to take advantage of the volatile asset. According to The Boston Globe, students are taking out loans traditionally reserved for education and putting their faith in Bitcoin (and other cryptocurrencies) to eventually pay off their crippling debt.

You might wonder about the legal implications of going down this a route that will likely result in you refreshing Coinbase every 10 seconds, but according to attorney Adam Minsky, it doesn’t appear to violate any laws (although he seems to be skeptical about the strategy:

“I would err to the side of it not being a kosher thing to do legally, but regardless of that I don’t think it’s a wise thing to do financially.”

Companies are making it easier than ever to get a little too into the cryptocurrency market, but if you’re going to gamble like this to pay off your education, you might as well just go to a casino and put everything you have on black.