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Color of Money: Don't gamble on becoming a bitcoin millionaire

Michelle Singletary on

Q: Should people borrow to invest in bitcoin?

DiGiovanni: "Borrowing money to invest in bitcoin is stupidity squared."

Podnos: "They should not invest in bitcoin at all, much less borrow to do so."

Schmansky: "Absolutely never borrow to buy bitcoin. While it may seem like a decent bet on its good days, it's a bet that can flip where you owe the debt and have nothing of value to show for it."

I'm not a financial planner. But I do have a lot of common sense. If you can afford to lose every penny you invest and not lose any sleep over the loss, do what you want. However, if you have a regular job, a mortgage, kids to put through college, credit card debt, a pitiful emergency fund and a lackluster retirement account, don't even think about buying bitcoin. The currency may be virtual, but the investment risk is very real.

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Readers can write to Michelle Singletary c/o The Washington Post, 1301 K St., N.W., Washington, D.C. 20071. Her email address is michelle.singletary@washpost.com. Follow her on Twitter (@SingletaryM) or Facebook (www.facebook.com/MichelleSingletary). Comments and questions are welcome, but due to the volume of mail, personal responses may not be possible. Please also note comments or questions may be used in a future column, with the writer's name, unless a specific request to do otherwise is indicated.

(c) 2017, Washington Post Writers Group

 

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