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.
There are plenty of promo codes available for Celsius Network (CN) users, both new and existing.
I moved some USDC and ADA (Cardano) over to take advantage of a couple of these promos.
My ADA was in Bitrue’s Power Piggy earning 3.6% APR, but with Celsius Network I will be earning 4.05% APR on my ADA.
My first test transfer of ADA from Bitrue to CN took some time to process—it took exactly 3 hours to complete.
I believe it was due to network congestion because I checked the explorer and it had over 500 confirmations on the blockchain.
The good news is my second transaction of ADA, with the higher amount, took less than 5 minutes to complete.
Overall, it was an easy decision to move my ADA from Bitrue over to CN because I am earning a better interest rate, I will get the bonus ADA from the promo, and now I can use ADA as collateral to take a 1% interest loan if needed. It is win-win-win all around.
Celsius Network Growth
The platform has been consistently growing each week with positive net transfer inflow.
Celsius Network reached a milestone recently as it now breached over 1 million users.
The website has also been improved to allow sign ups through the website as oppose to just the mobile app. This should reduce friction and allow more user sign ups and hopefully, more deposits.
Despite positive net transfer onto the platform, CEL token’s price remains stagnant around 5 to 7 USD.
Hopefully, CEL price will rise soon as Celsius Network is currently increasing partnerships.
Celsius Network is able to survive under any market condition because they have been through, and survived, a crypto bear market. According to Mashinsky, CN has plenty of different avenues to remain sustainable.
Celsius Network Credit Card
I believe many Celsians are looking forward to and awaiting for the arrival of the credit card.
They are working with many partners on this venture and everything has to be well coordinated for the release of the credit card.
Everything is still kept under wraps and mentions of release with each AMA is very cryptic.
However, the operations manager, Ashley said that the credit card will be a “Game-changer for Celsius Network once it gets release.”
Mashinsky disclosed in a recent AMA that they hope to have the first batch of credit cards in the hands of customer by the end of 2021.
California platinum users will have first priority for in-app swap feature which is expected to be available by the end of September 2021.
They want to test every new feature with a small group of users and make improvements before going worldwide.
Zach mentioned that the in-app swap was quick and seamless. It also has a 5-second window refresh to update price changes.
According to Mashinksy, the in-app swap nets you 2 to 5 percent more coins than most exchanges because there is no hidden fees as well as no fee for the swap itself.
Predictions & Future Features
El Salvador recently legalized Bitcoin (BTC) as the country’s currency. Bitcoin crashed the following day of the adoption, but Mashinsky said it was most likely unrelated.
Mashinsky’s price prediction for BTC still remains at 140k to 160k USD per BTC, but the target date has been moved from end of year 2021 to the first half of 2022.
This is due to miners leaving China which will cause a delay in BTC price movement.
By the end of the year, Celsius Network hopes to allow you to choose what assets you earn in, i.e, deposit USDC and earn in BTC.
After implementing in-app swap, Celsians can expect massive improvements to fiat on ramps.
Celsius Network will also add the ability to customize and automate dollar cost average for users. This is a great feature and I look forward to it.
It has been 4 weeks since my last report on Celsius Network earnings and during that time my interest earnings lost around 1400 USD in value. You can monitor this Google Sheet where I track all my earnings from a variety of platforms and it gives percent changes. According to the spreadsheet, my total earnings decreased by 2% in 4 weeks.
Most of my assets are split among the four platforms that I use: Celsius Network, BlockFi, Bitrue, and Crypto.com. Both Bitcoin and Ethereum make up a nice portion of my portfolio and the recent rally helped tremendously in reversing the redness. My CN portfolio took a massive hit during the May 2021 correction but it is recovering nicely and is still up overall from the beginning of 2021.
BTC is currently at 48.4k USD and ETH is at 3480 USD as of writing this report.
Conclusion & Prospect
I was surprised that my earnings from Celsius Network took a minor hit given that both Bitcoin and Ethereum (ETH) prices held steady since the last report. I also hold a decent amount of CEL and the price dropped by almost 1 USD since 4 weeks ago. The price of CEL will continue sideways until the release of the credit card and in-app swap. I believe many users are waiting on these two major releases before investing more into CEL.
Texas and New Jersey regulators are going after Celsius Network. Per Coin Telegraph:
The Texas State Securities Board has filed for a hearing with the potential to impose a cease and desist order against crypto lending firm Celsius Network for not offering security licensed at the state or federal level, while the New Jersey Bureau of Securities has ordered the platform to stop offering and selling interest-earning cryptocurrency products.
Mashinsky addressed this concern in a recent AMA, stating that Celsius Network is prepared to speak with regulators and that users should not be concerned.
Celsius Network has always been transparent and diligent in obtaining proper licenses for operations so I believe they will have no problems talking with regulators.
With that being said, I still diversify my assets across several lending platforms to reduce my risk. I will continue to HODL and watch my portfolio grow.
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.
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