Credit card debt is catching up with cryptomania.
Bitcoin’s 25% plunge from its all-time highs will make it more difficult for some investors to pay their credit card balances-those who borrowed funds from their credit cards to buy the digital currency, that is.
And that could accelerate any digital currency correction, as these investors are more likely to panic and liquidate their holdings.
How many investors have used their credit cards to buy Bitcoin? 18.15%.
That’s according to a recently released LendEDU Bitcoin investor survey. Meanwhile, 22.13% of those investors who used credit cards to fund their Bitcoin purchases, didn’t pay off their credit card balance after purchasing Bitcoin.