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
Automated Clearing House (ACH) is now available on BlockFi which should allow for easy transfers of funds. New users can take advantage and earn bonus Bitcoin (BTC) on their first deposit of 250 USD or more.
Speaking of bonus money, BlockFi introduced a new and improved referral and affiliate program
For every new friend that signs up using your unique referral code and deposits $100+ worth of crypto to their BlockFi Interest Account, you and your friend will each earn a one time bonus of $10 in BTC. Your friend will need to hold the qualifying balance until the following interest payment day to qualify you both for the bonus. After 10 qualifying referrals, you will start earning a $20 BTC bonus as a thank you for your continued support of BlockFi. Your referred friends will continue to earn $10 BTC bonuses after their qualifying deposits.
With the recent crypto bull market, a lot of new investors have joined. I am sure some of you have family members or friends that might be interested in learning about crypto and in need of some extra cash. You can check this link for more information of the new referral and affiliate program.
In hopes of spreading crypto awareness and adoption, BlockFi has partnered up with with NRG eSports. BlockFi states that the gaming community and crypto adopters share similar demographic qualities such as growing up in a digital world with a digital mindset.
NRG is a professional gaming and entertainment organization headquartered in Los Angeles, California. NRG sits at the intersection of competitive video gaming and gaming culture. Known for championship teams and innovative gaming lifestyle content, NRG is the most watched org in the world on Twitch.
BlockFi vs. the Competition
BlockFi recently released an article to let investors know what sets them apart from their competitors. I feel like it is a nice way to ease the tension and nerve after what happened with CredEarn.
First off, BlockFi is US-based and regulated which brings peace of mind for many investors. I have always consider BlockFi as a long term investment.
They are backed by big names in the industry and have more than 2 billion USD in assets under management.
We’ve secured support from some of the leading companies in the industry: Valar Ventures, Morgan Creek Capital, CMT Digital, Castle Island Ventures, Winklevoss Capital, SCB 10X, Avon Ventures, Purple Arch Ventures, Kenetic Capital, and HashKey to name just a few. They believe in the BlockFi mission, and that says a lot.
According to the article, BlockFi has top-tier risk management processes. One such strategy they implement is to lend to multiple institutions to minimize risk. To date they claim that, “Our loan portfolio has had perfect performance with no losses for our clients from lending to date.”
When you send crypto to BlockFi, you’re sending it to one of our regulated custodians, like Gemini. From there, we may lend your crypto to one of our vetted institutional counterparties.
Finally, BlockFi has robust security measures to protect your investments. Although they did have a mishap in security in the past, BlockFi is now proactively preventing such event from occurring again.
Security has and always will be our top priority. We’re continuing to evolve our controls and harden our security posture to meet the realities associated with sophisticated threat actors.
Interest Earned
It has been 4 weeks since the last BlockFi report and during that time my portfolio gained roughly 570 USD—a 34% increase. I track my progress with each lending platform using a Google Spreadsheet.
After the recent bull run and slight correction, I was surprised that my BlockFi interest earnings were still up 34%. Bitcoin (BTC) is currently at 17.8k USD while Ethereum (ETH) is at 545 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 here will be astronomical during a prolonged bull market. My previous account balance was around 31k USD—in 4 weeks it grew by 10k USD.
Conclusion & Prospect
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.
I believe BlockFi should start expanding its coin offerings—the current selection is very limited. With many platforms hybridizing into DeFi-Cefi, I hope BlockFi will add some DeFi tokens for earning interest in the coming months.
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!
This is part of the FREE subscription package that goes out to hundreds of investors. I also have a paid subscription package which includes exclusive content and insights. To really get the most bang for you buck, check out my bundle packages through Patreon.
For a limited time I’ll also be offering an option to pay in DAI. Using this method you’ll get an annual subscription for only 50 DAI.