$PAXG On BlockFi? Earn 4% Interest On Gold-Backed Crypto?


I always say, if you're a long-time follower of my content you will know the different services that I regularly use. BlockFi has been a huge help in helping me save and earn interest on my crypto assets, as well as furthering my curiosity and knowledge on crypto. For the longest time we were only able to invest and store $BTC, $ETH, and $LTC as volatile assets, and everything else is just a stable coin. This is great, but sometimes you want some more variety. BlockFi heard our response and they have decided to introduce another asset accepted on their platform.


Enter $PAXG

BlockFi has been gracious enough to add $PAXG to their list of accepted assets. $PAX was already a stablecoin that was earning 8.6% on the platform, but $PAXG is slightly different. This crypto currency is actually backed by gold. Essentially, a crypto that you COULD exchange for gold, just like when the U.S. Gold Standard was in place. Because of this, the price of $PAXG is (somewhat?) dictated by the social sentiment of gold at any given time. This makes it a volatile asset. This adds a little bit of excitement to your investing and HODLing strategy. Onto of this gold benefit, BlockFi is also allowing to earn 4% interest on the $PAXG store in your account. Again, another generous yield on our assets.

My Strategy? 

Although I talk-up BlockFi a lot, there is still one downside. The easiest way to get money into BlockFi is to transfer from another exchange or wallet, or to set up a bank wire. I usually like to use ACH (or just buying with a debit/credit card) but I am sure these features will be added in the future. Each week, I buy $15 of $USDC on Coinbase. I am wanting to make split my strategy and start ALSO picking up some $PAXG so I can diversify my crypto portfolio even more. This will mean that I am earning interest on $BTC, $USDC, $PAXG, and a very small amount of $ETH.


Final Thoughts

I know this is just an initial review and announcement about the new asset for BlockFi, but I at least wanted to make more people aware and to allow people to know what my plans are for the currency. If you are interested in trying BlockFi or Coinbase you can use my referral links to get a little bit of an extra bonus for signing up. However, I believe most people on these forums are probably already members of one or both service!


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Snarf, but with a hint of #crypto

Personal Finance and Investing
Personal Finance and Investing

I really enjoy talking about personal finance. I like to share my insights with others' as well as learning from others. I also like to share my financial and investing journey with other people.

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