BlockFi 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.
BlockFi
Updates
The BlockFi Bitcoin Trust Offers a New Way to Invest in Bitcoin
BlockFi Bitcoin Trust, an investment vehicle that makes it easier for institutions and individual investors to access bitcoin. The trust is designed to provide an alternative and more cost-effective entry point into the crypto market.
Investment trusts are among the most popular methods for major institutions to invest in bitcoin, and ours is built to make the process simple and transparent.Â
How BlockFi Handles Risk and Security
BlockFi is one of the few retail-focused crypto-interest-earning platforms that’s also domiciled and regulated in the US, institutionally backed and doesn’t have a utility token.
When it comes to lending, BlockFi has delivered top-tier performance and has received backing from investment partners such as Coinbase, Valar, Susquehanna, Winklevoss Capital and many more.
BlockFi’s Chief Security Officer Adam Healy has outlined the future of security at the company, and the major security initiatives they’re using to keep the company and clients protected.
BlockFi requires that employees maintain access keys and passwords in a secure key management system that is designed to prevent access by unauthorized users, limit direct key access by authorized users, manage key rotation, and log all usage.
BlockFi transmits data using strong encryption that includes modern ciphers, supported protocols, and multi-factor authentication.Â
Interest Earned
It has been 4 weeks since the last BlockFi report and during that time my portfolio gained roughly 3500 USD—a 78% increase. This is a record for my BlockFi portfolio. I track my progress with each lending platform using a Google Spreadsheet.
With the current bull cycle, I am not surprised that my BlockFi interest earnings are up almost 80%. Bitcoin (BTC) is currently at 55.7k USD while Ethereum (ETH) is at 1904 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 81k USD but it is now at 136k USD. I am reaping the rewards of being patient and compounding my earnings. In 4 weeks, my overall account balance grew almost 55k USD!
Conclusion & Prospect
It’s great to see BlockFi creating a Bitcoin Trust that caters to institutions because it could help speed up adoption of cryptocurrencies. Everyone loves a cost-effective entry point into bitcoin, but the trust should be directed at the average person who do not have a lot of money to invest into bitcoin.
Either way, buying and holding your own bitcoin is probably better than a Bitcoin Trust. And if institutions do invest in BlockFi Bitcoin Trust, the average bitcoin investor will also benefit from the price appreciation in the long run.
I like to think of my BlockFi portfolio as my personal retirement fund or 401k. I plan on investing long term with BlockFi and I do not expect to withdraw from my portfolio for quite some time. Given the steps that BlockFi is taking to secure and protect my investment, I can go to bed every night without much worry.
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.
2021 is just beginning and I can see plenty of potential from CeFi platforms such as BlockFi.
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!