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Buterin Warns Followers Not to Take Out Personal Loans to Buy Crypto

Ethereum founder Vitalik Buterin took to Twitter to warn his followers not to take personal loans to purchase cryptocurrencies.

Dec 14, 2020 at 2:27 p.m. UTC
Updated Sep 14, 2021 at 10:42 a.m. UTC

Ethereum founder Vitalik Buterin took to Twitter to warn his followers not to take personal loans to purchase cryptocurrencies.

  • On Monday, Buterin shared a post on Twitter warning followers not to take out personal loans to purchase cryptocurrencies in hopes they will be able to pay off the loan including interest as the cryptocurrency gradually appreciates in value over the years. 
  • “Please don't do things like this. I would NEVER recommend anyone take out a personal loan to buy ETH or other ethereum assets,” warned Buterin.
  • Buterin added, “7 years ago, before ethereum even began, I had only a few thousand dollars of net worth. I nevertheless sold half my bitcoin to make sure that I would not be broke if BTC went to zero.” 
  • Since that time, the Russian-Canadian developer has come a long way. In 2018, Forbes estimated Buterin’s net worth to be around $400 million to $500 million in crypto.

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