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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
Stablecoin Rates Are Increasing
BlockFi will make the following adjustments starting November 1, 2021 to all stablecoins, including Gemini Dollar (GUSD), USD Coin (USDC), Paxos Standard (PAX), Multi-Collateral Dai (DAI), Binance USD (BUSD), and Tether (USDT) holdings in the BIA (BlockFi Interest Account).
After several months of decreasing APRs and adding new tiers, we finally get some good news from BlockFi regarding BIA stablecoin rates.
Annualized Spending With Bitcoin Rewards Credit Card Pacing Over 2 Billion USD
Within 90 days of launching the first credit card to give Bitcoin as a reward to cardholders, credit card spend is currently pacing toward over 2 billion USD in annualized spending based on growth projections, further proving the appetite for the new credit card crypto rewards category that BlockFi is shaping.
The average BlockFi client is on track to spend more than 30,000 USD per year on average, 450% higher than the average of 5,000 USD per year on all Amex, Mastercard, and Visa cards in the US.
This data is based on the first 90 days, which included the promotional 3.5% cash back rate on BTC, so it is definitely skewed.
The default cash back is 1.5% on all purchases so seeing the data at 180 days out would give us a better picture of spending with the BlockFi BTC rewards card.
Buy Crypto Instantly With Bank Transfers (ACH)
BlockFi clients will be able to use Instant Bank Transfers (ACH) to swiftly buy and trade the cryptocurrencies of their choice using funds from their bank account.
Most traditional domestic bank transactions also use ACH payments. When you request an ACH transfer through our platform, BlockFi asks for permission to process a payment from your account.
With the introduction of Instant Bank Transfers, you can buy crypto directly through a linked bank account.
Best of all, these Instant Bank Transfers are free to use, so you can instantly buy crypto according to your needs or set up repeat purchases to seamlessly manage your crypto portfolio.
Interest Earned
It has been 4 weeks since the last BlockFi report and during that time my portfolio gained over 2700 USD in total interest paid. I track my progress with each lending platform using a Google Spreadsheet.
Bitcoin (BTC) is currently at 60.2k USD while Ethereum (ETH) is at 4199 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 which definitely helped my BlockFi portfolio.
However, as a HODLer I can usually ignore market fluctuations and continue to accumulate and compound my earnings.
Conclusion & Prospect
With the added instant bank transfers and a way to set up repeat buys, I will start dollar cost averaging on BlockFi. I like automated buys because I can set it and forget it. I have used this method before during the bear market and I love checking in on my portfolio during a bull run because all those automated buys brought massive returns.
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. The huge spending with the credit card shows as users are on track to spend over 2 billion USD. Like I mentioned above, this data is extrapolated from just 90 days of initial usage which included the promotional cash back of 3.5%. Once we get the data for the next 90 days we will have a better understanding of BlockFi’s credit card use.
Regardless, I am glad BlockFi is moving back on track because it ignites competition for competitors which benefits crypto users across the board. We are nearing the end of the year and many expect a huge surge in crypto. I will continue to HODL towards my financial freedom.
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.