In cryptocurrency’s continuing quest to reinvent everything in the financial universe but do it worse, we now have the crypto “deposit account” which bears 6.2% APY.https://blockfi.com/earn-bitcoin-interest/ …
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“Earn interest on crypto, in crypto.” Fine print: well actually earn interest in the dollar-denominated amount of a loan whose payins and payouts happen to be on crypto fails at then-prevailing prices (as determined by us).
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Darn autocorrect: “crypto rails.” (“Rails” in this context is a bit of financial industry jargon/shibboleth referring to a system which moves money, inclusive of technical, legal, and relationship parts of that system.)
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End of conversation
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For what it’s worth, if you actually want to chase high yield here’s an iShares ETF of actual companies that currently pays 6%. https://finance.yahoo.com/quote/PFF/holdings?p=PFF …
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Is there any part of this that undermines the case for buying Bitcoin?
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