New BlockFi data shows that Bitcoin (BTC) is a much more attractive premium than airlines or other cashback rewards.
It’s been three months since the New York-based cryptocurrency lending company launched its Visa-supported Bitcoin credit cards and BlockFi Rewards Visa Signature credit cards to customers. The card provides bitcoin rewards instead of using the more traditional points system.
According to the company, if the average Bitcoin bonus card holder continues to stick with this habit for the first three months, they will be able to spend more than $ 30,000 a year on average. This is nearly six times the US $ 5,111 average per cardholder.
“The fact that cardholders are aiming for more than $ 2 billion a year strengthens BlockFi’s mission to provide customers with greater access to financial products and services that make it easier for them to invest in cryptocurrencies,” said BlockFi founder and CEO Zach Prince. Cointelegraph. … …
BlockFi reported that the number of Bitcoin bonus card holders has increased to 50,000 in all 49 states, with the exception of New York, where the card is not available. California accounts for over 20% of total spending, followed by Washington, DC, California, Texas and Florida.
RELATED: AMC Theater First Crypto Payments for Purchasing Electronic Gift Cards
Cardholders raised over 124 BTC in rewards collected during the first three months of the program, with Costco, Amazon and Home Depot making the top three. Consumer behavior ranges from everyday purchases such as groceries, tools, and repairs to more important purchases.
“For Bitcoin, Max Compass Mining has been one of the best traders for those looking to make more bitcoins from their mining rigs,” the statement said.
The BlockFi card is available for use wherever Visa is accepted and allows holders to earn 1.5% of the original cryptocurrency at an initial rate of 3.5%. Due to bitcoin price fluctuations, cardholders who were pre-rewarded 3.5% received an effective interest rate of over 4.25%. The BlockFi team explained to Cointelegraph that clients who received a reference price of 1.5% also received an effective rate of 1.8%.