Compound interest

BlockFi is a savings account that earns compound interest on Bitcoin and other cryptos

Making money on crypto involved a lot of patience and a lot of luck. You would have to choose a currency that you thought was ripe for increased valuation, decide how much to buy, and then wait and pray for everything to go well. In short, it felt more like a game than an investment. But fortunately, this is no longer the case. Now, thanks to an innovative crypto platform called BlockFithere is a better way to invest in crypto.

Image via Unsplash

Cryptocurrencies have come a long way over the past decade. When Bitcoin took the world by storm, most financial experts thought it was just a fad. But it hasn’t gone away. Then other cryptocurrencies like Litecoin and Ehtereum came along, and the crypto kept getting bigger. Today, crypto is widely accepted as a legitimate financial asset. In fact, some financial experts believe that young investors should allocate 1-5% of their portfolios to crypto. The only question is, what’s the smartest way to do it?

The answer is BlockFi.

BlockFi is a online crypto investment and management platform created to make investing in crypto easier and more productive. They offer a suite of wealth management products designed to act as a bridge between the worlds of traditional finance and crypto. However, their flagship product is BlockFi Interest Account.

BlockFi Interest Account (BIA) is the world’s first compound interest cryptocurrency savings account. For those who may not be familiar, compound interest is when interest earned over a specified period is added to the principal balance. This means you earn interest on interest, which helps your money grow exponentially. Although compound interest has been available in traditional finance for centuries, it was not available to crypto investors until now.

Picture via BlockFi

The BlockFi Interest Account lets you earn compound interest on any cryptocurrency you keep in your account. So instead of just sitting there gathering virtual dust while you wait for the right time to sell, your cryptocurrency actually makes you more cryptocurrency. And current interest rates are quite impressive.

Right now you can earn:

  • 6% annual interest on Bitcoin deposits up to 2.5 BTC
  • 3% annual interest on Bitcoin deposits over 2.5 BTC
  • 5.25% annual interest on all Etherium deposits
  • 6.5% annual interest on all Litecoint deposits
  • 8.6% annual interest on all Gemeni dollar deposits
  • 8.6% annual interest on all USDC dollar deposits

The interest rates for Gemeni dollars and USCD dollars are particularly important. Unlike other cryptocurrencies, Gemeni dollars and USDC dollars are “stable coins” that are permanently pegged to the US dollar. So, if you allocate your funds wisely, these high interest rates on Gemni and USCD give you a built-in way to mitigate some of the risk that comes with trading other cryptocurrencies.

Picture via BlockFi

Whether you’re a crypto veteran or just starting to think about incorporating crypto into your investment strategy, you simply won’t find a smarter way to buy and save than BlockFi. And right now you can win a bonus up to $250 in Bitcoin when you register and make your first deposit. So don’t sit around and miss a thing. Click here to create your BlockFi Interest Account, today.

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