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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.
BlockFi
Updates
Update to BlockFi Interest Account (BIA) Rates
While the rates for cryptos remain as they are, BlockFi is increasing its stablecoins rates:
These new rates are now effective as of October 1st, 2021.
If BlockFi can keep these new rates for stablecoins, it will remain competitive.
My BlockFi Credit Card Rewards
I find myself using my BlockFi credit card frequently.
Every month I get my Bitcoin (BTC) cash back rewards.
After the initial 3 month promotion, by cash back rate is down to 1.5% from 3.5%.
Despite getting less cash back, earning it back in BTC is better than fiat because it has potential to increase in value over time.
Crypto.com Visa Card
I know this is a BlockFi report but I wanted to update everyone on the fraudulent/unauthorized charge on my Crypto.com card.
After submitting all the necessary documents, the support team resolved my issue within a week.
Ultimately, they issued me a new card. I will be getting it in the mail soon, but I already have access to it via my virtual card through the Crypto.com app.
However, the balance on my previous card will take up to 3 business days to transfer. I reached out to support and they said it should be arriving shortly this week.
This is why I prefer credit cards over debits cards as disputes are often resolved within a day and your funds are not placed on a hold.
I have been using my Crypto.com card for over a year and this is the first unauthorized charge so I can deal with it for the sweet 5% cash back in CRO.
Interest Earned
It has been 4 weeks since the last BlockFi report and during that time my portfolio “lost” roughly 640 USD in total interest paid. I track my progress with each lending platform using a Google Spreadsheet.
Bitcoin (BTC) is currently at 47.9k USD while Ethereum (ETH) is at 3421 USD. Both of these assets make a majority of my BlockFi portfolio and it is clearly reflected in my portfolio. Both of these assets have dropped significantly over the past month but have recently rallied. They are not back to their highs in the previous month and hence the 5% drop in interest earned.
However, as a HODLer I can usually ignore market fluctuations and continue to accumulate and compound my earnings.
Conclusion & Prospect
After months of cutting interest rates and adding on more tiers, the increase in stable coin rates is a welcome one for sure. It gives me hope that BlockFi is heading back on the right track. Hopefully they will increase the rates for cryptocurrencies in the future and revise the tiers to be competitive.
BlockFi currently has the advantage of being the only platform to have a crypto cash back credit card. Celsius Network is releasing its own relatively soon according to the weekly AMAs. The BlockFi credit card has replaced my Citi Double Cash credit card. Even though I will be earning only 1.5% on my BlockFi card, versus 2% on my Citi card, the cash back in BTC is probably better in the long run. It is also an easy way to dollar cost average into BTC.
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 the Starter Pack created by CryptoOneStop by clicking here or if you want to earn over 250 USD in referral bonuses then click here.