Sirwin
Sirwin

BlockFi Progress Report 📈

By Cryptoonestop | CryptoOneStop | 30 Dec 2020


Twitter | Starter Pack | Reddit | YouTube | Patreon | Store Front | Earn $250 in Promos

https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F5fec84ca-0e4c-4096-bb04-72371e5a2abc_10000x7496.png

Disclaimer: Nothing in this report constitutes investment advice—I am just reporting on my accounts and its progress on each platform. You should not use this report to make financial decisions. I recommend you seek professional advice from someone who is authorized to provide investment advice.

BlockFi

Bitcoin (BTC) Rewards Credit Card

Big news from BlockFi announcing the world’s first Bitcoin Rewards Credit Card. There are plenty of crypto-related debit cards available, but this is the first crypto credit card. If you are interested in the credit card, you can waitlist by clicking this link.

The way the card works is simple. After applying and being approved, you’ll receive a credit limit (in USD). You can spend this limit each month, and if you pay your statement balance on time you won’t be charged any interest on the balance. For every transaction that you make on the card, 1.5% cash back will accrue and then automatically be converted to bitcoin and placed into your BlockFi account on a regular monthly cycle. And yes, the card is metal and we hope you love the sleek design as much as we do.

The drawback is that the BlockFi credit card will come with an annual fee of 200 USD which comes out to roughly 17 USD per month.

We’re also offering a signup bonus of $250 in bitcoin after spending $3,000 or more on the card within the first three months, giving everyone the chance to earn extra bitcoin in a familiar way.

If you have an upcoming big purchase, you can take advantage of the signup bonus which eliminates the annual fee for the first year. BlockFi hopes to add additional features to the credit card after the initial launch.

The BlockFi Bitcoin Rewards Credit Card will only be available in the United States when it is release in early 2021.

Fidelity Digital Assets

BlockFi can now offer USD loans to institutional clients holding Bitcoin as collateral in custody accounts at Fidelity Digital Assets.

With big companies, such as PayPal and Microstrategy, investing into Bitcoin, the demand for digital assets continue to rise among institutions. By collaborating together, BlockFi and Fidelity Digital Assets can bring capital efficiency to institutions that maintain long BTC positions.

Marrying risk-managed loan agreements with best-in-class custody furthers the opportunities for institutions to enter and grow within the digital asset market. According to research from Fidelity, there has been increased institutional appeal in and adoption of digital assets, with 36% of institutions surveyed invested in the asset class and more than 6 out of 10 investors saying digital assets have a place in portfolios.

Interest Earned

It has been 4 weeks since the last BlockFi report and during that time my portfolio gained roughly 1040 USD—a 46% increase. I track my progress with each lending platform using a Google Spreadsheet.

With the current bull market, I am not surprised that my BlockFi interest earnings are up 46%. Bitcoin (BTC) is currently at 25.6k USD while Ethereum (ETH) is at 642 USD. Both of these assets make a majority of my BlockFi portfolio and it is clearly reflected in my portfolio.

As a HODLer, I just sit back and watch my account compound and grow. Remember that the gains during a bear market will be astronomical during a prolonged bull market. Note that my previous account balance was around 40k USD but it is now at 57k USD. I am reaping the rewards of being patient and compounding my earnings. In 4 weeks, my overall account balance grew almost 20k USD!

Conclusion & Prospect

I am excited for the release of the BlockFi BTC Rewards Credit Card as I have been longing for such a card to be released. I like my Crypto.com debit card because I earn 5% back in Crypto.com Coin (CRO), but I do not like having to top off the card. A credit card is much more convenient as I only need to pay back what I spend and not worry about having enough money on the card for purchases.

The annual fee on the credit card may dissuade some from signing up for it and even I am still reluctant to pay 17 USD per month for the privilege. The 250 USD signup bonus is great but requires spending 3k USD in the first 3 months which is a bit steep. I am not a big spender so I will have to decide when the time comes.

As I have mentioned in almost all my BlockFi report, I invest long term with BlockFi and do not expect to withdraw from my portfolio for quite some time. I think of it as my personal retirement fund and only deposit funds that I can spare.

The interest rates on BlockFi are not the best, but they remain competitive in the crypto space. The great thing about BlockFi is that they do not require a utility token which means everyone benefits in the same way regardless of their portfolio allocations.

With the current bull market, I have no doubts that platforms such as BlockFi will be successful as more and more institutions begin to invest in digital assets.

What I Am Doing

This section is dedicated to paid subscribers as I will go into details of what moves I am making with my interest-earning portfolios.

You are currently reading the Free Version. If you would like more information, please consider switching to a paid subscription.

Each week I will report on a different interest-earning platform that I use—mainly, Celsius NetworkBitrueCrypto.com, and BlockFi.

If you are new to crypto or have considered joining new platforms, check out this referral sheet which organizes everything into a simple chart—you can earn over 250 USD in bonuses!

https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F622e6eae-58cc-4b9a-98a7-acbb08956f68_4000x2285.png

How do you rate this article?

4



CryptoOneStop
CryptoOneStop

Accredited Investor | Digital Asset Consultant | Keto Diet Adherent | Part Time Market Analyst | PharmD | Former Writer for Altcoin Magazine

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.