Stating that customers show great interest in Bitcoin rewarded credit cards, BlockFi co-founder Flori Marquez announced that he expects more adoption and FOMO in 2022.
Flori Marquez, founder and vice president of operations at the cryptocurrency lending and interest lending platform BlockFi, gave an interview to Yahoo Finance about the trajectory and future outlook of Bitcoin and cryptocurrencies.
Revealing interesting figures with the data obtained by the BlockFi company, Marquez said that the Americans had a serious adaptation to Bitcoin and they detected huge movements.
Flori Marquez stated that since last year, Bitcoin has provided 112% returns, while this figure was 4% for gold and 24% for the S&P 500 in the same period.
“Despite the volatility and decline in the last month, Bitcoin remains the best investment since last year. This year has been phenomenal for cryptocurrencies. So we decided to scrutinize the data seriously to get an idea of some of the movements. We got interesting results. For example, one in 10 people are considering giving a cryptocurrency gift this year. Two-thirds of Americans today prefer to talk about cryptocurrencies, but this figure was 1% 5 years ago. Again, 5 years ago, 1% of Americans traded cryptocurrencies, while 50% had never even heard of crypto money…”
Stating that BlockFi's VISA credit card, which has the feature of winning Bitcoin rewards, is used by about 75,000 customers, Marquez stated that this is a very serious number because even many fintech companies are trying to achieve the target of 10 thousand cards in their first year.
“Two-thirds of our customers are spending less with cash-back rewards cards since we launched our Bitcoin rewards card. They act with a long-term 'hodler' mentality and do not turn their Bitcoin rewards into cash. They see Bitcoin as an asset that will provide them with substantial annual returns.”
Stating that they expect more American customers next year and that they will probably be the first to meet cryptocurrencies, Marquez said that he expects this new user base to create a FOMO:
“The industry has become very popular. Now cash has become a much less useful asset in the eyes of people. People don't want to miss out on potential earning opportunities. During the holidays, people will tell each other about their crypto money investments in 2021. We are much more talkable than 5 years ago. We have seen examples of this in the pandemic, but I think that the transition from the traditional business world to fintech and crypto money will continue in 2022. Clarity in regulations will also increase mainstream adoption. With regulators, this universe will become much safer.”