Bitrue Progress Report (Free) 📈
HODLer's Den By Aromatic (Free Version)
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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.
Hey everyone and welcome to the HODLer’s Den!
Here you will find information on my crypto investment portfolio straight from a HODLer’s perspective.  This section will focus on HODLing cryptos and interest-earning platforms.
Bitrue
Updates
Supporting BTR Long Term
Over the next couple of months, Bitrue will be refocusing on Bitrue Token (BTR) and removing Bitrue Finance Token (BFT).
Given the stagnant price of BFT since it was released and its use case, I believe this was eventually going to happen and it will be for the best.
BFT Swap
Bitrue currently has two active coins in circulation: Bitrue Coin (BTR), and Bitrue Finance Token (BFT). The intention was to divide services neatly into two distinct areas, with BTR powering its previously existing cryptocurrency services and BFT powering a new range of DeFi features.
Since BFT will no longer be supported, Bitrue will be doing a BFT swap for BTR.
A snapshot of all user's BFT balances was taken on March 11 16:00 UTC
If you bought BFT during the initial sale, and you still had BFT in your account at the time of the snapshot, then your BFT will be refunded at the rate of $0.1 per BFT. This will be attributed to your account as BTR, with the BTR price fixed at $0.1239 (the price as of March 11 16:00 UTC)
If you had BFT in your account that came from the secondary market, it will be refunded at the rate of $0.0485 per BFT. This price was calculated as the price of BFT at March 11 16:00 UTC, with an extra 15% added on.Â
All users will need to actively opt-in to the swap of their BFT to BTR. A dedicated page to go through this process will be launched at the end of April.
50,000,000 BTR Burn
Bitrue will be burning a flat amount of 50,000,000 BTR from its reserves.
This burn is expected to be completed in early April 2021, and they will update the community with evidence of the burn when it has been completed.
As of this report, the burning process has been completed. Burning means reducing the overall supply of BTR which leads to less sell pressure over time, and ultimately higher prices.
Details of the burn can be verified here: https://etherscan.io/tx/0xea190ac47982276d181964ad90b81480e6408e8d38b2ff27a6548ceb7fb5016a
BTR & Binance Smart Chain
Bitrue will be connecting to Binance Smart Chain (BSC).
This will help provide further utility for BTR and expose it to a wider audience, which should help sustain its price over a long period of time.
Once BTR is on BSC, it will help facilitate trading for BTR on the decentralized exchange, PancakeSwap.
Changes to VIP Caps & Power Piggy
VIP caps are one of the main utilities of BTR, however some users have found them confusing or inconvenient in the past.
Instead of needing to hold BTR for 7-14 days, you will now only need to hold BTR for 1 full day before immediately having a VIP cap opened for you.
VIP caps will also not be reset at regular intervals any more. If you wish to invest more and more using VIP caps, you will need to purchase more BTR.
Each BTR will entitle you to invest the equivalent of 1 USDT in the coin of your choice.
Bitrue is planning to revamp the specifics of how they work while keeping the core idea in place: the more BTR you hold, the more value you will be able to extract from the Power Piggy.
The first change is the removal of the current community cap system from Power Piggy.
If your coins have already been invested in Power Piggy you do not need to worry as they will stay invested even after this change.
To further encourage users to hold BTR long-term they are also recalibrating the boost percentage given by BTR alongside reducing the base rate that non-BTR holders will receive.
Users will be divided into three tiers (see table below). The following is an example based on a coin that currently has a 5.3% interest rate in Power Piggy:
To attract more users to the platform and to also assist users in getting to grips with how Power Piggy works, Bitrue will give any newly registered accounts who join an introductory capequivalent to 2000 USDT.
Interest Earned
Despite the recent market correction, my Bitrue Power Piggy portfolio continues to grow. In the last 4 weeks, my Power Piggy portfolio grew over 10,800 USD—a 36% increase in value. You can use this Google Spreadsheet to track my earnings on the four major platforms I use.
Below is my earnings from Bitrue’s Lockup. So far, I have accumulated 29,544 USD in interest. In the last 4 weeks, this portfolio grew 38% resulting in an extra 8000 USD in earnings.  I am taking advantage of the current high APRs on ETH and BTC with Bitrue’s Lockup. ETH is earning a whopping 11% and BTC is earning 8.5%.  Since BTC and ETH make up a large portion of my lockup portfolio, it makes sense why it is up so much. BTC is at 56.1k USD and ETH is at 1718 USD. Note that the total amount invested is inaccurate.
Overall, my Bitrue interest earnings grew 37%, netting me a total of almost 19,000 USD.  No matter which direction the market heads, HODLing and earning interest is the safest bet.  The great thing about HODLing with Bitrue, or any platform that provides interest, is that I am dollar cost averaging (DCA) into these cryptos without regard to market conditions.  Once the market becomes favorable, the gains will be massive.
Conclusion & Prospect
Bitrue Token (BTR) finally had some nice price action in the last four weeks and hitting anall time high of almost 0.6 USD before dropping back down to around 0.2 USD. Regardless, BTR is up 5x in the last month, from 0.04 USD to 0.2 USD, and it is the main reason my portfolio is up so much despite the recent pullback.
If you follow my Bitrue Progress Report, my initial impressions of BFT were not great because Crypto.com had just completed its MCO Swap for the same reason: having two utility token on the same platform. But, I argued that the crypto space is relatively new and maybe Bitrue could make a 2-token system work where Crypto.com had failed. The white paper at the time made sense in splitting CeFi utility from DeFi utility by having separate tokens.
However, after several months of no use case for BFT, aside from a couple of yield farming pools back in November 2021, I knew the token was in trouble. I never bought any BFT but I do own some due to the airdrop for BTR holders. Anyway, I am glad Bitrue finally decided to end support for BFT and refund users with BTR.
Once the new restructured system begins, I believe BTR will have some price movement upwards as it places BTR at the center of the platform in terms of utility it provides. Since there will no longer be a community cap, users must own BTR to participate in Power Piggy or be capped at 2000 USD for new users. Ultimately, owning BTR allows users to extract the maximum amount of benefits from Bitrue and that is how it should have been from the beginning.
Most CeFi platforms have utility tokens and they create huge incentives for holding their tokens so it’s about time Bitrue focus its attention on BTR holders. I am glad to see that Bitrue is adopting the tier model that Celsius Network started and is currently being used by many CeFi platforms: the more utility token you hold, the greater the benefits, rewards and interest you gain. I believe this model works well and benefits both the platform and its users because it creates a dynamic balance.
With the recent announcements of changes coming to the platform, I feel Bitrue will do well. I have been expecting these changes for a long while and I welcome them with open arms as I continue to HODL and earn a yield.
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 Network, Bitrue, Crypto.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!