Once upon a time in America, owning a home was the sacred Grail of the American Dream. The houses were expensive, of course, but with a stable job and a fixed-rate bank loan, you can plan for your future and expect to have a place to retire, even if you had to cut financially in other ways.
This was before the digging up of the US labor market made it increasingly difficult to find and keep a well-paid job, or that banks began to put “refinancing” on the market to allow people to live on “excess equity” in their homes, or that banks began to sell subprime mortgages to allow people to buy more houses than they should afford – sustainable, as long as interest rates do not rise!
And then the secondary market collapsed and undermined the entire economy, an event from which the world has not only not yet recovered, but with a new collapse that increasingly seems to be on the way. No wonder, according to some reports, 64% of Americans no longer think owning a home is a good investment. There has been some recovery in the housing market, but at least part of that movement is from rich people buying properties they want to rent – the rich dad’s strategy, the poor dad’s strategy of buying rental property is no longer the way to go up, but just another way for those who are already wealthy to keep accumulating big money.
On this fourth July weekend, at least one person no longer has to worry about their house due to an early and smart investment in bitcoin. The new homeowner reports to Reddit:
Two years ago, for the price of a one-month payment on my 30-year mortgage, I took a chance at bitcoin and bought 300 bitcoins from a friend. Yesterday I paid off my mortgage and took the whole family out to celebrate 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 a lot more coins that I’ve been able to take in the last few years.
Happy Independence Day, fellow bitcoiners …
Edit: Instead of paying the bank every month for the next few decades, I will return it to buy more bitcoins. The feeling is much better than paying the bank.
This man took the risk with bitcoin when he was even more unknown and undeveloped than he is now, paying only six dollars for bitcoin and now reaping the prize.
Is this an opportunity for many people who are currently struggling with housing and other financial problems? Probably not. For some, however, it may be. Despite a series of high-profile scandals, Bitcoin is still seeing an increase in acceptance, judging by the number of portfolios there, more and more companies are issuing posters “Bitcoin is accepted here”, VC continues to invest more and more money when launching bitcoins , banks are beginning to investigate bitcoins more seriously, both as a threat and as a possible tool, and even China and Russia are backing down.
The trend for bitcoin is positive, so people who invest now are very likely to see a large return. The only reason I say that most people will not take advantage of this is that most people will not take the risk. It is important to note that there is nothing certain here – investing in bitcoin more than you are willing to lose is never a smart idea. With that in mind, for some bitcoiners, like the editor above, bitcoin may just save the American dream.