Bitcoin price rocketing is spurring people to mortgage their home to buy cryptocurrency

 
Lynsey Barber
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Bitcoin Continues To See Unprecedented Growth
Bitcoin has boomed in 2017 (Source: Getty)

The bitcoin craze continues apace: so eager are people to get in on the latest trend they are taking out mortgages on their homes to buy up the rocketing cryptocurrency, according to one US regulator.

People are borrowing cash against their home for bitcoin, said Joseph Borg, the director of the Alabama Securities Commission and president of the North America Securities Administrators Association during an interview with CNBC.

Read more: Bitcoin is in serious danger of becoming very boring

And it's safe to say, he does not think it is a great idea: he described the cryptocurrency's ascent as a "mania curve" that will level off "at some point".

"We've seen mortgages being taken out to buy bitcoin. … People do credit cards, equity lines," he said.

"This is not something a guy who's making $100,000 a year, who's got a mortgage and two kids in college ought to be invested in."

Bitcoin's rise has attracted talk of a bubble as it rocketed to record highs past $17,000, continuing an astonishing upward trajectory in which it has gained more than 1,000% this year.

Read more: Bitcoin futures soar above $18,000 on Cboe market debut

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