Hey everyone!
Simple letter today, I thought everyone knew this, but since I’ve gotten 100 questions THIS WEEK about it, just wanted to clarify something.
You should be using Blockfi as your savings account.
Here’s a link to sign up -> https://blockfi.com/?ref=e9fefa3e
They are offering 8.6% interest on CASH right now.
EIGHT POINT SIX.
Here are the rates you are earning right now in your major (lame) bank.
Citibank = 0.5%
Capital One = 0.4%
American Express = 0.4%
Chase = .01%
YIKES, that’s really all I can say about that.
Now, I can hear you now, so I’ll just answer the questions that you have…
“But but but is Blockfi even REAL? What is it backed by?
Honestly, nothing. But it’s a $3 billion dollar company funded by some of the World’s greatest investors, so it’s not going anywhere.
Also, the U.S. Dollar isn’t backed by anything anyway.
Yeah, that’s right, if everyone tried to withdraw their money from the bank at once there literally wouldn’t even be CLOSE to enough. Look it up.
“But what about FDIC! It’s so safe in my current bank!”
Did you know that FDIC only covers a TINY percentage of actual bank deposits? So, once again, if there is a run on the U.S. dollar, it’s not going to save you.
“How do they give me an 8.6% return? That seems insane.”
It is insane. In a good way.
Remember that thing called Bitcoin?
Well, it went up 1,000% this year (so far).
Some people want to BUY THINGS with their newfound wealth, but they don’t want to sell their Bitcoin.
So, Blockfi LENDS people money and keeps Bitcoin as collateral.
These are the true interest rates in a FREE MARKET like Bitcoin, which is why they are able to pay so much.
Okay I’m sick of the FAQ.
Seriously, I don’t want to debate with you all day.
Maybe you aren’t even debating me and you’re signing up as we speak.
But I hate to break it to you….
Chase Bank is not your friend…
Wells Fargo? Nope.
These are some of the worst organizations in the WORLD.
They pay BILLIONS in FINES each year for the fraud they commit.
They suck.
And for the privilege of lending out your money 10/1 in a crazy insane fractional reserve system (look it up) they are willing to pay you .01% interest?
Absolute joke.
Oh, and I didn’t even mention the worst part.
INFLATION.
If you think the inflation rate is ACTUALLY 2% like the government is telling you it is… you may need your head examined.
They just printed $1.9 TRILLION out of thin air and $5 Trillion+ in the past 12 months, with MORE INCOMING.
In fact…
did you just read that???
THE REAL INFLATION RATE IS LIKELY 15-20%.
So, if your money is sitting in Chase Bank or any other bank for that matter, you might as well BURN 20% of it at the end of this year.
AT LEAST with Blockfi they give some of that inflation back, 8.6% is really good for DOLLARS.
And then, thank God, you will already have your money on a platform where you can buy Bitcoin with it :)
Since it’s headed to 100k-250k this year, that might not be a bad decision either…
Regardless, I would HEAVILY consider this, do your own research, this isn’t financial advice, yadda yadda.
But for money you aren’t using day to day you should probably save it somewhere that actually rewards savers instead of punishing them.
See you tomorrow!
Kale
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