So I made a post a bit over a month ago it was about taking out a 40k AUD loan to buy more bitcoin which I withdrew off the equity on my mortgage at 2% interest if anyone was wondering how I kept the interest rate so low.
So how is it travelling? I pay an extra $150 a month on the repayments which I have managed to pay without working more. How? A simple combination of buying less alcohol and bringing my lunch to work 1 more day a week instead which has actually cut down more spending and helping me lose a bit of weight which has been a really positive outcome.
The price of bitcoin? I bought my 40k worth at around 59k AUD which with this purchase pushed me over the 1 BTC mark which I was rapt with. The price today is around 82k AUD so I’m around 38% AUD up on my investment. In addition to this I have staked my BTC at around 4% so I am making passive income on my investment.
My plan? Whenever I feel we are starting to get to the FOMO stage I will sell 40k worth of BTC and pay back the amount that I borrowed. Even if it only goes to 108k AUD (which we all believe it will go a lot higher) I would of doubled my money.
If it goes to a bear market? I have been easily been able to service the extra repayments by just making a couple of small sacrifices and I am happy to wait a couple of years if need be.
I understand this is not for everyone however would just like to share my experience so far. Cheers legends !! 👊
(Not financial advice)