I took out a $35,000 loan to buy Bitcoin... 1 Year Update! I took out an additional $24,000 loan to buy more Bitcoin for a total of $59,000!

tl/dr; Over the past 16 months I took out 3 personal loans totaling $59,000 and bought a total of 2.65 BTC for an average price of ~24,000 per BTC... I managed to pay off the first loan ($15K) completely, and $3,500 on the second loan. I currently owe $41,000. My monthly payments are ~$700 a month. I'm not stressing and my conviction remains strong. I can easily afford to service the debt. I’m currently up ~25% on my position, which comes to ~$19,500 profit.

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Greetings everyone!

As promised, I'm back with my one year update to my previous posts of taking out $35,000 in personal loans to buy and hold Bitcoin.

You can read about my first two loans totally $35,000 if you check my post history from Feb and June of 2022. I don't want to cross-post from other subs. I got a lot of hate on those previous posts, but I think it was really just salty buttoners hoping Bitcoin would fail. Instead, I'm up ~25%!

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Anyway, a quick review...

1st loan: February 2022; $15,000 interest rate of 6% fixed APR. I bought 0.45 BTC ($225 monthly payment)

2nd loan: June 2022; $20,000 interest rate of 4.9% fixed APR. I bought 1.25BTC ($326 monthly payment)

3rd loan: June 2023; $24,000 interest rate of 8% fixed APR. I bought 0.95 BTC. (~$405 monthly payment)

Total Loans: $59,000.

Total BTC Bought: 2.65 BTC

Average Price per BTC: $22,264 (not including interest paid on loan)

Average Price per BTC: ~24,000 (including interest paid so far)

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It’s been a pretty good year all things considered. I was very aggressive with servicing my loans. I felt torn between buying more Bitcoin and aggressively paying off my loans, but ultimately decided to pay down my first loan… in fact, I managed to completely pay off my first loan of $15,000! It took me a total of 16 months to do so.

That left me with my remaining $20,000 loan of which I managed to make a small dent on. I’ve paid $3,500 of it so far.

In my previous posts, a lot of redditors on other subs, not r/bitcoin, had a really difficult time understanding my strategy so I’ll explain it gain in baby-talk: take out low APR loans, acquire as much Bitcoin as possible, hold said Bitcoin long term, and repay the loans with inflated dollars over time.

The way I see it, the US dollar is rapidly declining in value and prestige. Therefore, I will take out loans to buy Bitcoin and pay back said loans with inflated dollars that I earn from my job.

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Now on to the new loan… with the halving less than a year away, I feel pressure to acquire as much Bitcoin as possible. So I decided to take out another loan of $24,000 with a fixed 8% APR.

I know, I know... that’s a high APR and I said I wouldn’t go that high in my last post! But since I paid off my first loan so quickly, I thought, why the hell not?

I’ll focus on paying this most recent loan down first since it has such a higher APR than the previous one, and with any luck should have it paid off within 18 months or so. We'll see...

I don’t expect Bitcoin to be trading in this range18 months from now. I expect BTC to be ~$100k per coin by then, so I’ll bite the bullet of a short term high APR for the the long term exponential price appreciation of Bitcoin. In the meantime, I'll continue paying down my loans... or maybe not. I'm tempted to throw everything I have at Bitcoin while it's still under $30k. We'll see...

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***** EDIT*********

For those curious about my personal financial situation. Here it is...

Independent contractor. ~$60k annual income. I live in NYC, but have a rent stabilized apartment so my rent is very affordable. No wife. No kids. I'm frugal. I save and invest ~25-30% of income (~$1,500) into Bitcoin each month. Still have plenty left over to enjoy life.