Bitcoin had rocketed from $900 to almost $20,000 in 2017. We discussed how 20% of Bitcoin owners took out debt in this get-rich-quick gamble. It could all work out for everyone if Bitcoin were to continue its run towards $25,000 or even $60,000 according to some overly zealous predictions. The problem is Bitcoin has crashed to around $8,600 as I write this post today. Central banks like PBOC are moving to tighten oversight of bitcoin exchanges. 20% of Bitcoin owners took out debt purchasing bitcoins using their credit cards.

Yet another news item tells a different but equally disturbing story. It turns out instead of racking up debt to finance a bitcoin investment,

….Others invested in lenders, which accept real money for “interest” paid out in fringe cryptocurrencies  

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