Once upon a time in America, owning your own home was the holy grail of the American dream. Homes were expensive, sure, but with a stable job and a fixed-rate bank loan, you could plan for your future and hope to have a place for your retirement, even if you had to cut back financially in other ways.
This was before the abandonment of the American labor market made it increasingly difficult to get and keep a well-paid job, or before banks began to market “refinancing” to let people live off excess income. variable of their homes or that banks began selling subprime mortgages to allow people to buy more homes than they could afford, sustainable as long as interest rates did not rise.
And then the subprime market collapsed and undermined the entire economy, an event from which the world has not only not yet recovered, but with another collapse seems to be on its way. Not surprisingly, according to some reports, 64% of Americans no longer think owning their own home is a good investment. There has been some recovery in the housing market, but at least part of this movement comes from the purchase of property by wealthy people who want to rent: the strategy of the rich father, poor father buying property to rent , is no longer a way forward. but just another way for those who are already rich to keep planning big money.
This July 4th weekend, at least one individual no longer has to worry about their home due to an early and smart investment in Bitcoin. The new owner reports on Reddit:
Two years ago for the price of a monthly payment on my 30-year mortgage, I risked bitcoin and bought 300 bitcoins from a friend. Yesterday I paid the mortgage and took the whole family to celebrate it on the 4th. I just wanted to express my gratitude to the Bitcoin community. It’s amazing to feel debt free on this day of independence.
PS: I still have many more coins that I have managed to collect over the last two years.
Happy Independence Day Bitcoin mates …
Edit: Instead of paying the bank every month for decades to come, I’ll buy it back to buy more bitcoins. It feels so much better than paying at the bank.
This person took a risk with Bitcoin when it was even more unknown and undeveloped than it is now, paying only six dollars for bitcoin and is now getting the reward.
Is this a possibility for many people who are currently experiencing housing and other financial problems? Probably not. It may be for some, though. Despite a number of high-profile scandals, Bitcoin continues to experience an increase in adoption according to the number of portfolios out there, more and more companies posting “Bitcoin accepted here” banners, CVs continue to invest more and more amounts of money in Bitcoin startups, banks are beginning to investigate Bitcoin more seriously, both as a threat and as a possible tool, and even China and Russia are moving away from difficult positions.
The Bitcoin trend is positive, so people who invest now are likely to have high returns. The only reason I say most people won’t benefit is that most people don’t take risks. It’s important to keep in mind that there’s nothing safe here: investing more in Bitcoin than you’re willing to lose is never a smart idea. That said, for some bitcoin players, like the previous redditor, Bitcoin can save the American dream.