Recently, a redditor that goes by the handle “gingerbreadfutters” published a thread in which he claims to have been watching bitcoin price trends for a while and that, being a “penchant for making big risks”, decided to go all-in on bitcoin by taking an equity loan on his house for $325,239 and purchasing 191.118 bitcoin.
The redditor also claims to have an undisclosed terminal disease, which certainly frees him from taking such a huge risk. The thread’s original post reads:
“If bitcoin reaches, the 10k mark, which I see as a distinct possibility, or I would not have taken such a risk – I plan on moving to the west coast and getting away from all the angry people here where I currently reside.”
The move comes after bitcoin soared to a new all-time high, beyond the $1,700 mark. However, financial speculators and traders have recently suggested that we are witnessing the making of a bubble that will eventually burst, as pointed out:
If it hasn't sunk in yet, just a reminder that we are now in the middle of the biggest cryptocurrency bubble in history. pic.twitter.com/DMVN3yv0Ef
— Tommy World Power 💹 (@TommyWorldPower) May 8, 2017
Nevertheless, the thread saw hundreds of comments pour in. Some were quick to criticize the move, while others wished gingerbreadfutters the best of luck as he will, inevitably, need it. A few short-term investors even saw the post as a sign that it’s time to sell. Even those with bullish predictions, like redditor “loserkids”, had a hard time seeing this in a positive light:
“Though I’m 100% bullish on bitcoin long-term this is an incredibly stupid idea,” he wrote. “But you’ve already heard it from others. Either way, good luck.”
As previously pointed out by CCN, we may have already witnessed the altcoin bubble pop and bitcoin’s bubble might follow suit, even though the long-term outlook is strong. Bitcoin’s price surge has been fueled by an increase in trading volume, particularly from Japan and the Japan-based bitFlyer exchange, as the currency recently became a legal payment method in the country.
At the end of the day, a bitcoin bubble doesn’t seem to scare some of the commenters, as some point out that if gingerbreadfutters manages to sell his coins before the bubble bursts, he can still make a huge profit given the amount he has. Similar bitcoin investments have been done before and nerves of steel are required, as redditor jhansen858 pointed out:
“Some guy did that like 2 or 3 years ago when it was at like 500 and people told him he was an idiot. You will be fine as long as you don’t lose your nerve”
According to data from CoinMarketCap, however, bitcoin is down nearly 5% today, which roughly equals a $15,000 loss for the brave investor, at least for now.
Featured image from Shutterstock.