- Bitcoin is in the “mania” phase, with some people even borrowing money to get in on the action, regulator Joseph Borg said.
- “We’ve seen mortgages being taken out to buy bitcoin. … People do credit cards, equity lines,” he said.
- Bitcoin has been soaring all year, starting out at $1,000 and rocketing above $19,000 on the Coinbase exchange last week.
Bitcoin is in the “mania” phase, with some people even borrowing money to get in on the action, securities regulator Joseph Borg told CNBC on Monday.
“We’ve seen mortgages being taken out to buy bitcoin. … People do credit cards, equity lines,” said Borg, president of the North American Securities Administrators Association, a voluntary organization devoted to investor protection. Borg is also director of the Alabama Securities Commission.
“This is not something a guy who’s making $100,000 a year, who’s got a mortgage and two kids in college ought to be invested in.”
Bitcoin has been soaring all year, starting out at $1,000 and rocketing above $19,000 on the Coinbase exchange last week. The price on Coinbase, which accounts for a third of bitcoin trading value, is often at a premium over other exchanges.
Continue reading full article on cnbc.com.
People are taking out mortgages to buy bitcoin, says securities regulator
Posted on December 14, 2017
