The TRUTH About How To Make Passive Bitcoin | BlockFi Card Honest Review

We are deep diving into Andrei Jikh's video reviewing the BlockFi credit card which offers a Bitcoin as a reward! Try BlockFi Card: https://adamventure.link/blockficard 💰 Try the BlockFi https://adamventure.link/blockfi 💰 Try Gemini: https://adamventure.link/gemini

Use my link or code "1971d650" to get $20 of BTC after depositing $100 worth of any crypto! But feel free to use someone else's link who will put the card to good use.

ABOUT: In this video were reviewing the BlockFi card and reacting to Andrei Jikh's video covering it! I’m not bashing Andrei, but I respectfully disagree with his opinion that the BlockFi card is the best way to buy Bitcoin passively and I’ll tell you why in this video. I also want to fill in some information gaps that could impact your decision. The AMA (Ask Me Anything) that BlockFi’s CEO and GM of Payments held on Reddit reveals a lot about why you’d actually get more Bitcoin using a 2% card and buying it yourself. Thanks for watching!

‪@AndreiJikh‬'s Video:    • Видео  
BlockFi Review:    • BlockFi Honest Review | 8.6% Compound...  
Gemini Review:    • Gemini Honest Review | How To Buy Bit...  
Citi Double Cash Review:    • Citi Double Cash Honest Review | Best...  
Capital One Quicksilver Review:    • Capital One Quicksilver Honest Review...  
Chase Freedom Unlimited Review:    • Chase Freedom Unlimited Honest Review...  

Reddit AMA:   / ama_were_gaurav_gollerkeri_gm_payments_and...  

Instagram:   / adamventureofficial  
Patreon Page:   / adamventure  

Music: ‪@OSRSBeatz‬

0:00 - Intro
1:49 - BlockFi Card Overview
3:06 - Bitcoin Rewards on Spending
5:07 - Signup Bonus (Kinda)
6:27 - No Annual Fee
7:20 - Awful Card Tricks
7:57 - No Foreign Fees Or Impact To Credit Score
11:33 - Key Considerations
7:41 - The Verdict
9:22 - Comparisons
12:43 - Outro

#blockf #creditcard #bitcoin

OVERVIEW

1.5% in BTC back on all purchases, 2% for anything you spend over $50,000 per year

3.5% in BTC back on all purchases in the first 3 months, up to $100

2% extra APY on stablecoins (from 8.6% to 10.6% APY) up to $200 per year, then back to 8.6% APY

0.25% in BTC back on eligible trades in the BlockFi account, up to $500 per month

No annual fee or foreign transaction fees!

Required credit score of at least 670 (good or excellent rating)

CONSIDERATIONS

So this is where Andrei’s video ends, but there are a few key considerations missing so let's talk about the difference between using this card to buy Bitcoin, versus just using the rewards from a 2% card like the Double Cash.

The first argument many people have for using the BlockFi card is you save on fees. This is actually not true, the GM stated that “there will be a trading spread on average of around 1%” which is BlockFi’s standard trading spread you’d get on the platform.

You could just use Gemini Active Trader and pay 0.35%, and since they cover 10 free withdrawals per month, this essentially means get you more Bitcoin.

The next argument I’ve seen is that it helps with dollar cost averaging. While this does help with the automation of it, which is definitely a great reason to get the card, its not as frequent as you’d think.

The GM states that "rewards are converted into Bitcoin once a month and deposited into your account". He states the cost basis and tax implications are easier to manage which is a totally fair point. But if that’s what they do, it's really not that much more effort to do this yourself.

VERDICT

First is to take advantage of the the 3.5% back in Bitcoin for the first 3 months capped at 100 dollars, which is essentially a “signup up bonus”.

Second is for the 2% increase in stable coin APY from 8.6% to 10.6%, capped at $200 per year.

Third is for the ability to completely automate dollar cost averaging into Bitcoin. If you’re someone who wants to not have to think about it AT ALL that’s totally fair and I completely understand. But if you’re willing to put in a little bit extra work once a month, you will end up with more Bitcoin by using a higher cash back card, buying on an exchange with lower fees, having the ability to buy the dips, and even have the flexibility to buy any cryptocurrency you want - not just Bitcoin.

Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful!