Just recently the consumer group Lendedu released a report on bitcoin investors who use credit to purchase digital currencies. According to the survey, out of 672 active bitcoin investors polled, 18.15 percent of the participants used a credit card to fund bitcoin purchases.
Out of 672 Surveyed 18 Percent of Lendnedu’s Participants Use Credit Cards to Purchase Bitcoin
Last year’s consumer Nilson report detailed that the world’s outstanding credit card debt has accumulated to over $1 trillion and the debt continues to grow exponentially. With cryptocurrencies trending in popularity, it seems that many investors are purchasing bitcoin on borrowed money — credit cards and loans that bear interest. The consumer survey group, Lendedu, recently published a report that details that 18.15 percent of 672 bitcoin investors surveyed use credit to purchase their bitcoin.
“I used a credit card to fund and purchase,” explains the individuals in the survey who bought bitcoin in this manner.
22 Percent of the Borrowers Are Not Paying Off Their Debts
Lendedu believes the statistics are “quite concerning” as both combined debit and credit card purchases were used by more than half (51.78%) of the respondents. The reason the metrics are concerning the consumer group is because the size of the survey was relatively small compared to the millions of cryptocurrency investors. Furthermore, Lendedu revealed another metric which concerns them even more as the study states:
This was not even the most pressing concern coming from the LendEDU poll. That recognition belongs to this data-point: 22.13 percent of Bitcoin investors did not pay off their credit card balance after purchasing Bitcoin.
Of the 672 investors, 77.87 percent said, “I paid off my credit card balance after purchasing Bitcoin,” while the other 22.13 percent explained, “I did not pay off my credit card balance after purchasing Bitcoin.” […]