Investor Sunny Po provided a four-month update on his daring strategy of maxing out eight credit cards to invest in Bitcoin.
What Happened: On Sunday, Po took to X (formerly known as Twitter) to share an update on his high-risk investment strategy. In February, Po had maxed out eight credit cards to purchase Bitcoin, a move that sparked widespread interest and debate.
Po’s update revealed the total amount of Bitcoin purchased remained unchanged at 1.4488, bought at an average price of $37,443. His total credit card debt stands at $54,251, with a minimum monthly payment of $542. The unrealized profits currently sit at $47,793, marking a 10.93% increase since Feb. 29, 2024.
His strategy also involves rolling over the debt into new credit cards with 0% APR until May 2025, effectively “kicking the can” to late 2026 or early 2027.
Why It Matters: Po’s investment strategy carries considerable risk, with the investor taking on substantial debt to invest in a volatile asset.
While this update showed a positive trend in unrealized profits, it’s important to note that the success of this strategy hinges on the performance of Bitcoin.
As Po continued to service his debt, the crypto market’s volatility remained a significant risk factor. However, the investor said his “end game” was not to profit in dollars but in Bitcoin. He is “interested in keeping as much Bitcoin as possible.”
The crypto community was intrigued, with one commentator saying he would not recommend the approach but it was “definitely entertaining.” Another one was less positive, predicting the investor would “get banned by all those banks.”
What’s Next: The appeal of Bitcoin as an asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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