Getting a home loan using crypto collateral: Insane or just risky?
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Im never gonna bother with that bullshit again, says Bitcoin OG Michael Tozoni about getting a crypto home loan to invest in property.
After becoming wealthy-ish with Bitcoin investments, Tozoni sensibly decided to diversify. Not wanting to sell off his crypto, he had grand plans to borrow to buy investment properties and use the rental income to pay off the loan.
The only trouble was that banks arent the slightest bit interested in wealthy Bitcoiners, preferring poor wage slaves instead.
If you are broke and you have no money, but you have a job and a constant income, banks will be very happy to give you money,” he says. “If you have a lot of money and a lot of investments, but no income, banks do not want to give you money.
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