Here’s a Tale of the Crypto that should frighten you.
According to a survey from something called the Student Loan Report, more than 21 percent of college students who have loans say they have used their financial aid money to fund bitcoin and other crypto-asset “investments.”
I put the word “investments” in parentheses because we all know that bitcoin and their crypto brethren are really bitcons. They are anything but “investments,” although this confidence game once got the price of bitcoin up to more than $19,000.
Bitcoin on Wednesday were trading at about $7,900 — and, in my opinion, are on their way to zero.
But, of course, the kids in college don’t realize this. And they probably figure there’s fast money to be made by getting into bitcoin. And there’s also the coolness factor since everyone is probably talking about bitcoin on the quad.
Taken over a four-day period, the Student Loan Report poll of 1,000 students with loans revealed that students are using the “living expenses” part of their loans to dabble in the crypto -market.
“Sometimes, student debtors borrow more than they end up needing for that semester of classes,” the SLR said. “Once the borrower’s college or university’s financial aid office uses the necessary financial aid to pay for courses, they send a refund check to the borrower.”
Parents, are you aware of this?
Oh yeah, a lot of that borrowed money comes from the federal government. Taxpayer money. And once this scam is over and bitcoin are worthless, those same students dabbling in crypto-assets won’t be able to pay their debt.
You are supposed to learn something in college. And I guess this’ll be another expensive lesson for the students, their parents and us.