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‘Crazy Stuff’: Daredevil Investor Goes Into Debt By Maxing Out 8 Credit Cards To Buy Bitcoin

A pseudonymous cryptocurrency investor going by the name Sunny Po on X went posted about a "90-day update" on a strategy to take out credit card debt to buy Bitcoin (CRYPTO: BTC).

What Happened: Po's post on how he is "maxing out 8 credit cards" gathered over 500,000 views.

According to a screenshot of a spreadsheet he uses to track his investments, Po has bought 1.4488 bitcoin at an average price of $37,443. 

He did so accruing credit card debt of $54,251, with a minimum monthly payment of $542. As of Feb. 27, unrealized profits stood at $27,321. Po also shared that his credit cards have a 0% APR until May 2025, at which point he will roll over the debt into "new 18-21mo 0% Bal transfer cards" until November 2026.

He quoted a post from Nov. 25, 2023, where he first announced his daring plan with the words: "I'm taking all the fake credit available to me and giving it to bitcoin. Maxed out every single card." 

Don’t Miss This: What Happens If Bitcoin Halving Screws Up? 6 Keys To Understanding Seminal Crypto Moment

Why It Matters: Po's update did not fail to gather the attention of the crypto Twitter community, with influencer account BowTiedBull acknowledging the "crazy stuff.".

The TikTokInvestors account tipped its proverbial hat with the statement "True degeneracy. Rooting for him."

Po also responded to potential copycats that raised the question of how to buy bitcoin with credit cards, saying he transferred the money to his checking account before moving it to a cryptocurrency exchange.

While Bitcoin has been on a tear in February, breaking the $60,000 mark well ahead of the Bitcoin halving, many would argue Po's daredevil strategy is a "don't try this at home" experiment.

However, with price predictions of up to $200,000, the trade could also turn into a roaring success.

Price Action: At the time of writing, Bitcoin was trading at $60,080, up 6.0% in the last 24 hours, according to Benzinga Pro.

Read Also: Here's How Trader Makes $582,000 Taking A Long Position On 'Shiba Inu Killer' Dogwifhat

Image created with Midjourney

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