Joseph Borg, president of the North American Securities Administrators Association, explained how he had seen people putting their houses for mortgage in order to buy Bitcoin in a frenzy of not wanting to miss out.
It is a worrying trend, as these decisions are foolhardy to say the least, but moreso, they are dangerous -- as they have preceded other bubbles in the past. While the product (dot com sites, or housing) is not necessarily bubble-prone, the way in which people react to it can cause a pop.
Bitcoin is a speculative market, and it is in a feeding frenzy at the moment as people try and get in on the wild ride. But moves like buying Bitcoin in debt could lead to a catastrophic end for the currency.
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