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Hey everyone, first post here after lurking for a while.
Hey everyone, first post here after lurking for a while. I’m holding about 9 ETH that I bought back in 2021 and really don’t want to sell, mostly because of the tax hit and because I still believe in it long term. Problem is I need roughly 8-10k for a car repair and a dental bill that landed in the same week. A bank loan is slow and my credit score is meh after a rough year. Has anyone here borrowed against their crypto instead of selling? What did you use, and what should I watch out for so I don’t get liquidated on the first dip?
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1 Reply
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Been in a similar spot last spring, ended up selling a chunk and regretted it two months later. So yeah, borrowing makes more sense in your case. Right now I’m watching XQ, they’re building a crypto backed line of credit where you lock ETH and draw USDC on Base. What caught my eye is 0% interest if you repay within 14 days, and no interest on the part you don’t use. Wallet only, no KYC. The catch is it’s not live yet, just a waitlist, so for a bill due this month it may be too early. On liquidation: their calculator wanted a bit over 6 ETH for 10k USDC, so with 9 ETH you’d have some buffer, but I’d still borrow less than the max and keep some ETH aside.