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Bitcoin rewards triggered shopping frenzy for cardholders

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According to new statistics from BlockFi, Bitcoin (BTC) proved to be a significantly more appealing incentive than airline miles or other cashback offers.

BlockFi Rewards Visa Signature Credit Card, a Visa-backed Bitcoin rewards credit card, was offered three months ago to clients by the New York-based crypto loans business. Rather than using a standard points system, the card gives you Bitcoin incentives.

According to the firm, if the average Bitcoin rewards card owner keeps up their current buying habits, they’ll spend more than $30,000 each year. This is over six times the United States’ average of $5,111 per cardholder.

“The fact that cardholders are on track to spend over 2 billion dollars annually underlines BlockFi’s aim to give customers greater access to financial products and services. That enable them to invest in cryptocurrencies more simply,” said Zac Prince, co-founder and CEO of BlockFi.

BlockFi’s Bitcoin rewards card is skyrocketing

BlockFi announced that their Bitcoin rewards card has surpassed 50,000 users in all 49 states. With the exception of New York, where it is not accessible. California contributes more than 20% of overall spending. With Washington, D.C., California, Texas, and Florida ranking first, second, and third, respectively, in terms of expenditures.

During the first three months of the programme, cardholders have earned over 124 BTC in incentives. With the top three retailers being Costco, Amazon, and Home Depot. Spending habits span from regular expenditures like groceries, utilities, and home repair projects to larger purchases.

The statement states, “For the Bitcoin maximalist, Compass Mining has been a top merchant for individuals who wish to earn even more bitcoin with their home mining rigs.”

Useful in any situation BlockFi’s card allows its owners to earn 1.5% back in the original cryptocurrency. With an initial 3.5% rate, and it is approved by Visa. Cardholders who received rewards at the 3.5% intro rate had their effective rate rise to nearly 4.25% due to Bitcoin price fluctuations. The BlockFi team said that customers that received the usual 1.5% back received a 1.8% effective rate.

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