Once upon a time in America, owning your own home was the holy grail of the American dream. Houses were certainly expensive, but with a stable job and a fixed loan from the bank, she could plan for her future and hope to have a place to retire, even if she had to reduce financial expenses in other ways.
That was before the dumping of the US labor market made it increasingly difficult to get and keep a good-paying job, or the banks started marketing “refinancing” to allow people to live off the “excess value” in their homes, or those banks. will start selling high value mortgages The risks of letting people buy a house for more than they should be able to afford: sustainable as long as interest rates don’t rise!
Then the mortgage market crashed and undermined the entire economy, an event that the world has yet to not only recover from, but with another crash increasingly looking to be on its way. It’s no wonder that, according to some reports, 64% of Americans no longer believe that owning their home is a good investment. There has been some recovery in the housing market, but at least part of this movement comes from rich people buying properties that they intend to rent out: the rich dad, poor dad strategy of buying properties to rent out is no longer a way to move up, but just another way to those who are already rich continue to earn a lot of money.
On the 4th of July weekend, at least one person no longer had to worry about their home because of an early and smart Bitcoin investment. The new owner reports on Reddit:
Two years ago, for the price of a 30-year monthly mortgage payment, I took a chance on bitcoins and bought 300 bitcoins from a friend. Yesterday I paid off my mortgage and took the whole family out to celebrate the fourth day. I just wanted to express my gratitude to the Bitcoin community. It’s wonderful to feel in debt this Independence Day.
Note: I still have a lot of coins that I have been able to collect over the last two years.
Happy Independence Day fellow Bitcoins…
Edit: Instead of paying the bank every month for the next two decades, I’ll pay it back to buy more bitcoins. It feels a lot better than paying the bank.
This guy took more risks with Bitcoin when it was unknown and undeveloped than he is now, paying only six dollars for Bitcoin, and now he is reaping the reward.
In Bitcoin startups, banks are starting to look at Bitcoin more seriously, as both a threat and a potential tool, and even China and Russia are pulling back from their aggressive positions.