Two high-interest Gemini-backed cryptocurrency accounts just came out — is this the beginning of the end for banks?
A Bitcoin Bank Account
Even the greatest proponents of Bitcoin tend to admit that the number one cryptocurrency is unlikely to replace banks anytime soon. However, it certainly has fiat currency in its sights. With the launch of two high-interest Gemini-backed cryptocurrency accounts in Bitcoin (BTC) and Ethereum (ETH), maybe the banks should be worried after all.
BlockFi offering 6.2% on both BTC and ETH deposits changes the game. Will be interesting to see if/how centralized crypto deposit takers and lenders impact #DeFi volumes overtime. A thread:
— Ryan Todd (@_RJTodd) March 5, 2019
For those investors who don’t mind a bear market and who want to HODL their chosen cryptocurrency, a 6.2 percent interest rate may be appealing. Perhaps it’s too early for the estimated 92 percent of Americans who don’t own cryptocurrency, though.
Since the cryptocurrency market lost around $400 billion from its…