With the world’s first Bitcoin Rewards credit card
JERSEY CITY, NJ, October 13, 2021 – BlockFi, a financial services company dedicated to building a bridge between cryptocurrencies and traditional financial services products, is pleased to share that the BlockFi Rewards Visa® credit card Signature was greeted with great commitment. Within 90 days of the launch of the first credit card to offer Bitcoin as a reward to cardholders, credit card spending is currently heading to over $ 2 billion in annualized spending based on growth projections, thus proving the appetite for the new category of crypto credit card rewards that BlockFi is shaping. The average BlockFi customer is on track to spend more than $ 30,000 per year on average, or 450% more than the average of $ 5,000 per year on all Amex, Mastercard and Visa cards in the United States *
“In the first 90 days alone, the BlockFi Rewards Visa® Signature credit card has been an incredible success,” said Zac Prince, co-founder and CEO of BlockFi. “The fact that cardholders are heading for more than $ 2 billion in annualized spending reinforces BlockFi’s mission to provide customers with greater access to financial products and services that make it easier for them to invest in crypto. currency and, in the longer term, eventually put them on a path to creating generational wealth.
Since the card’s launch in August 2021, the BlockFi Rewards credit card community has grown to over 50,000 cardholders who have raised over 120 Bitcoin (equivalent to $ 6.8 million at the price of October 12, 2021). ) since the last #BlockFiDay, which is the monthly credit card rewards redemption date.
Why Bitcoin as a reward? Bitcoin has outperformed other assets so far in 2021. Even with its price hike, Bitcoin is up 49% on the year, according to recent data released by CoinTelegraph **. In August, BlockFi cardholders who received rewards at their 3.5% introductory rate got an effective rate of over 4.25%, while customers got the standard 1.5% refund. were gaining an effective rate of 1.8% *** due to the recent appreciation in the price of Bitcoin. With the introductory rewards rate of 3.5%, cardholders can earn an additional $ 100 in Bitcoin in their first three months. For comparison, if someone had earned $ 100 in Bitcoin in 2017, it would be worth over $ 4,000 in Bitcoin today ****. While asset appreciation is never guaranteed, based on historical growth, no other reward card can match Bitcoin’s earning potential.
Who uses the card? One thing BlockFi learned from analyzing early spending patterns is that there isn’t just one type of Bitcoiner. As more and more people continue to embrace the BlockFi Rewards credit card as an easy way to passively earn Bitcoin, society is seeing various ways in which people are using the card. The top three merchants where people spend the most and therefore earn the most rewards are Costco, Amazon, and Home Depot.
Beyond the people who earn Bitcoin on their regular, daily purchases like shopping, bills, and home improvement projects, it’s also notable that people are using major life events as a way to accumulate and grow. their Bitcoin wallet. One of the biggest deals to date has been over $ 20,000 at Tiffany’s, which may have been an amazing engagement ring or birthday present for someone lucky.
And for the Bitcoin maximalist who just can’t find enough ways to earn Bitcoin, Compass Mining has been a top merchant for those who want to earn even more Bitcoin from their home mining platforms.
Where are people most optimistic about Bitcoin rewards? The BlockFi Rewards credit card is available in the United States, excluding New York, and BlockFi cardholders are represented in the 49 states where the card is available with California, Texas, and Florida being the states. the biggest spenders with Washington, DC California alone accounts for just over 20% of total spending and, in turn, earns the most Bitcoin rewards.
Bitcoin is part of the future. And BlockFi cardholders know it. El Salvador has taken a historic step forward by making Bitcoin legal tender. Companies like Tesla, Square and MicroStrategy added Bitcoin on their books, and Tesla plans to accept Bitcoin as a payment method. As the world at large begins to embrace Bitcoin, the BlockFi card offers the easiest way to be a part of the future of money.
Learn more about the Signature BlockFi Rewards Visa® card here.
To enjoy Bitcoin recovery with every purchase, create a BlockFi account and apply now.
Media contact for BlockFi:
Dukas Linden Public Relations
* Based on publicly available Q2 2021 operational performance data from American Express, Mastercard and Visa.
** CoinTelegraph, October 2021
*** Based on the price of Bitcoin on October 12, 2021
**** Growth of rewards based on BTC price from 01/01/17 and growth to 09/21/21, according to CryptoGround Profit Calculator
For more information, please see BlockFi Terms of Service. BlockFi is not a bank. Cards are issued by Evolve Bank & Trust, member of the FDIC, pursuant to a license from Visa® USA Inc. Rewards are not offered by Evolve Bank & Trust but are instead offered and managed by BlockFi.
Nothing in this announcement should be construed as a solicitation of an offer to buy or offer, or a recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction. The information provided in this advertisement is not intended for distribution or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This advertisement is not directed to any person in any jurisdiction where publication or availability of the advertisement is prohibited, due to that person’s citizenship, residence or otherwise.
Neither BlockFi nor any of its affiliates or representatives provide legal, tax or accounting advice. You should consult your legal and / or tax advisors before making any financial decisions.
Prices for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and crypto interest accounts are not subject to FDIC or SIPC protections. Geographic restrictions and other terms and conditions apply.
Learn more about BlockFi.com.
BlockFi Lending LLC NMLS ID # 1737520 | BlockFi Trading LLC ID NMLS # 1873137