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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
Accomplishments
In 2020, BlockFi distributed more than 50 million USD in monthly interest payments to its users.
BlockFi announced a game-changing new product: the first-ever Bitcoin Rewards Credit Card. Cardholders will be able to earn 1.5% back in bitcoin on every transaction.
BlockFi launched the BlockFi mobile app, empowering users to take the BlockFi platform with them everywhere they go. They also introduced ACH and wire payments, making it easier than ever to transfer funds.
Future Outlook
Moving forward, BlockFi wants to achieve a goal of “inclusion”. They hope that every new product, feature, and partnership will bring more people into the crypto community which will provide them access to a thriving financial market.
One of BlockFi’s core values is, “Transparency Builds Trust,” so they strive to teach first-time users (and even savvy investors) about the crypto market to help them understand what they are investing in.
Update
BlockFi Launches OTC Desk for Institutional and UHNW Clients
The platform recently launched its Over-The-Counter (“OTC”) trading desk for institutional and ultra-high net worth (“UHNW”) clients across the globe.
With the rollout of comprehensive OTC capabilities, BlockFi will act as an execution partner, offering spot trading, credit capabilities and a margin trading product.
Interest Earned
It has been 4 weeks since the last BlockFi report and during that time my portfolio gained roughly 1300 USD—a 40% increase. I track my progress with each lending platform using a Google Spreadsheet.
With the current bull cycle, I am not surprised that my BlockFiinterest earnings are up 40%. Bitcoin (BTC) is currently at 32.1k USD while Ethereum (ETH) is at 1249 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 57k USD but it is now at 81k USD. I am reaping the rewards of being patient and compounding my earnings. In 4 weeks, my overall account balance grew almost 24k USD!
Conclusion & Prospect
While the release of the BlockFi BTC Rewards Credit Card is to be expected early 2021, BlockFi will have plenty of competitors in this market as more companies switch from debit cards to credit cards. For example, Crypto.com stated that its debit card will have a line of credit based on the users’ crypto wallet balance. Currently, users have to top off their Crypto.com debit card for use.
BlockFi’s credit card will also come with an annual fee of 200 USD. However, it comes with a 250 USD signup bonus when certain requirements are met. The annual fee seems steep but I remember that my Crypto.com debit card requires me to continue staking my CRO on the platform and 200 USD per year is quite worthwhile if you are making the gains back as BTC price appreciates.
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.
BlockFi survived the bear market so I can only expect great things for the platform during a bull market.
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!