- You're not going to believe how much snow and ice
that we've got here in the last few days.
Just in case, you don't believe me.
Maybe you don't like the snow maybe you never seen the snow.
Check this out.
We have an ice storm going on! Ooo look how bright I am.
Check this out.
(upbeat music)
Okay, that's enough for the cold.
I just thought I would show you
what I am dealing with right now.
Right now I'm gonna go inside where it is nice and warm.
All right so as most of you know,
my wife and I and my entire family,
we got COVID right now I think is day 12,
since I showed signs of my first symptoms,
and it was it was death let me just say it was bad.
I mean, I'm not one to complain all that much.
But, COVID suck y'all COVID suck.
So I don't know if you've had it yet.
If you can avoid it, don't get it not fun.
And I'm still a bit fatigued, still congested.
And I've been trying to do my best
to get the new studio set up,
I have a Canvas here which actually is only
a temporary Canvas, while I need something
for my white walls, we still got window treatments coming in
kind of last step to get done.
So haven't spent a lot of time
doing much of anything really, it's a really big change.
I think I've made
on the wealth hacking a personal finance investing front
was finding something that I didn't know
and for those that are interested in
cryptocurrency into bitcoin
and you don't know how to get started,
or you still have a lot of fear.
What I want to show you today
is a safer way that you can get started
into cryptocurrency where you're technically
not I guess you could argue you're buying cryptocurrency
but we're not buying anything highly volatile,
like Bitcoin so you can have money more safe
and get your interest paid in Bitcoin.
And the best part about that
is you can make 8.6% interest and that interest
gets paid to Bitcoin, like that is pretty cool.
And I'm going to show you how I learned this,
and I'm going to show you how you do it.
Where to find out how that works right now.
(Intro theme song)
What's going on y'all, Welcome back
to Channel Wealth Hacker Lab.
I am your grateful host, Jeff Rose,
and I was on Twitter.
And I promise this time I was not getting
into a fight on Twitter,
like I mentioned in a previous video,
it's one of those situations
where I just thought it was funny.
And the tweet started with Things I could never explain
to my grandmother.
And reason where this tweet came from was I
was just looking at all my different accounts
that I have. And I looked at one of my
online savings accounts with a large bank US Bank
for those that are interested,
curious or just voyeuristic you, oh boy,
you're just kind of weird kind of kooky kind of weird,
but I still respect just still like you.
And I'm glad that you're here.
So I was looking at my savings account,
which this is our primary like our emergency fund,
we also have our checking accounts and other tax accounts
and our kids savings accounts,
all the other stuff,
but this is one
of our primary emergency fund account,
and this account currently has just over $513,000 in it
where in the month of January,
the total interest that I made if you're ready for
this $4.49 so if you want do the calculation on that
interest rates about .000 nothing nada.
So then I was comparing how much interest I made
in that account to a another account
that I opened recently, which I did another video on
and this is with BlockFI.
So with the BlockFI,
it's a crypto currency savings account
and also a crypto currency exchange
where you can purchase Bitcoin, Etherium, Litecoin a lot
of the larger cryptocurrencies,
not some of the smaller ones or kinda like Dogecoin
or anything like that.
But with that account at the time of this tweet,
the total balance on that account
was $25,000. 25,000 compared to $500,000 and
the total interest that I earned
in the month of January if you are ready for
this $177 just in case you
are math challenge, we're talking an account
with a half a million dollars in it.
Making me $4.49 compared to a another account
that has $25,000 and is paying me $177
and in case you haven't done the calculation yet,
that is a return of 40 times more
40 x more return for an account balance
that is 95% less so me trying to explain that
to my grandmother,
she wouldn't know what I was talking about.
So in my tweet,
I shared these numbers showing how much my big
online savings account paid compared to my block by account
and it got some good direction.
So in this tweet,
I took screenshots of the two different account balances,
and how much interest I made and it got
some good engagement even had the CEO of BlockFi
and Zach Prince tweeting back and also
answering some questions.
So Matt props, Zack, appreciate you appreciate you.
And I had some people comment and they had some,
some good comments, this guy replied with
Could be making $3500 a month if I moved it all
into BlockFi, which I can't argue that
I did respond to him. But I did say, well,
would you move your entire emergency fund into crypto?
I mean, I guess I could do that.
But then if I did that,
my wife would absolutely kill me, kill me.
And I think you want me to still do
these YouTube videos.
So I want to make her happy, right?
Happy wife happy life as they like to say.
But this was the comment
that really got me curious got me interested because they
asked a question that I really didn't have a
good answer for. And the question was,
Why are you getting your interest paid in USDC?
And I responded with good question.
I opened the account a few months ago
to test out and currently
only hold USDC which basically is a US stable coin.
And that brings me to why I wanted to do this video.
So when I opened my BlockFi account,
you can purchase a Bitcoin you can purchase a theorem,
you can purchase all of these
or you can purchase a stable coin.
Now stable coin is I want
to say it's safe,
but I will say that it is much safer compared
to a Bitcoin or Etherium you're just not going
to have the volatility that you're going to see.
And the whole intent of a stable coin is
to mirror or match a currency in this case,
they are trying to match what is the US dollar
and for many people like that's good for others that's bad.
I know for many cryptocurrency investors, they're like,
Why are you holding in Fiat?
which is I guess the the new hip word to use.
And basically Fiat is just any currency where the value
is determined by a government so the US dollar
that would be a Fiat because it is the government
that is deciding how much the dollar is worth.
And for me, I'm still trying to learn
this stuff out. I didn't purchase Bitcoin until a couple
of years ago, I think two years ago,
I made my first Bitcoin purchase.
So that is, me learning me trying
to figure it out. And I own Bitcoin I don't earn Excuse me,
I don't own that on a BlockFi right now,
it's currently being held on Coinbase
but I will say that is something
that I am looking into transferring some of my Bitcoin
into BlockFi, so I can earn 6% right now
that's what they're paying on Bitcoin.
So how does this impact you what I learned
with BlockFi is just because I'm owning a stable coin,
so I had $25,000, I bought USDC, bought stable coin,
and with that they are currently paying 8.6%.
And that's how I made that $177.
But when I started doing some research,
based off this tweet that I received,
that's when I started looking into it,
I'm going to show you a simple setting,
if you open a BlockFi account where you can have more
of your money safe by purchasing a stable coin,
but the interest that you make can get paid in to Bitcoin.
And that is one point to show you right now.
Okay, I'm taking you behind the scenes,
this is my current block by account.
So it's also happened since I tweeted
that I ended up adding an additional $50,000 of stable coin
into my account. So right now,
$75,000 is how much I have deposited not including interest,
just sharing that because
when you see my screen here, view quick, Jeff,
you said you had 25,000 now I'm seeing 75,000 Well,
that is what's going on still holding stable coins.
Still haven't added any other cryptocurrencies yet but
that will soon change. So after I got that tweet,
I started poking around in my block by account
If you do open an account,
click on profile settings,
and then you'll click on interest.
And this is where I saw I discovered that this
is how you can change
so right now the selection I have currently selected
is being paid interest in the same currency
that I deposit and I deposited stable coin.
So instead, if I want all my interest to be paid out
in something different. BlockFi gives you the ability
to choose Bitcoin, Etherium, GUSD, Litecoin, PAX,
PAX Gold, or USDC,
which I'm currently that I want to be getting paid.
This is how you can deposit stable coin make
8.6% interest on your stable coin,
which is much more safer and get your
interest paid into bitcoin.
So instead of the $177 I made in my stable coin,
I could have got paid into bitcoin,
which depending on when that interest was paid,
it would have made me more because as
of right now Bitcoin is trading at around 48, 47 or $48,000.
So that would have made me that much more interest
so that you talk about compounding interest
like compounding on top of compounding.
I mean, that would would have worked out really well.
I'm still very grateful and content with 8.6% that I made,
but this is a way that I could make more
and you can also make more if you are looking
to dabble into cryptocurrency and want Bitcoin
but you're not ready to actually buy bitcoin right now,
because you might be waiting for a dip.
I don't know what you're waiting on.
Either way, this is a way that you could be earning interest
and essentially dollar cost averaging in to Bitcoin.
Now, the one thing I do want to say is that I keep
referring to cryptocurrency, Stable Coin, as a safer option
I still want to make sure that when I say safe that we
sometime people hear safe they think bank, FDIC insurance
there is nothing insured about this, so essentially
you know my, now $75,000 account, it could be here today
and gone tomorrow. So I don't want you depositing any money
into this thinking that it is completely safe, that there
is some protection, there is some insurance and that
everything is going to be okay.
There are still some risks involved hence why they are
able to pay 8.6% interest. The other thing too is that
right now, BlockFi has a promotions going, I don't know
how long this is going. I think it is probably going
on for a while essentially they can, they will give you
up to $250 in cryptocurrency depending on how much you
deposit. Say if you deposit I think anywhere from 0 to $250
I guess you can deposit zero. But 25 to $250 they will
give you $15 so they only way to get to $20,000 or to get
to $250 is you deposit over $20,000 which for many
that is not a lot. I should have got my $250 bonus,
but if you are interested in opening a BlockFi account
if you are interested in looking at those bonuses
I'll have a link in the description that you can check
that out. This is something that I'm definitely looking
a lot more into. I am watching documentaries on Bitcoin
I'm reading some books, I've subscribed to some newsletters
just learning more about it because I do think this is
something that, I'm not going to sit here and tell you
it is going to blow up because I definitely don't want
to invoke the whole phono syndrome but I do believe that
this is cutting edge this is something that is not going
away. And we are seeing way too many big names, way too
many big investors getting involved right now.
And I'll do more videos on this to talk more about
more in depth, right now I just wanted to show you
a easy way, a simple way, a safer way that if you want
to get into Bitcoin, there is a way that you can do it
there is a backdoor way, and that way is going through
BlockFi, doing some Stable Coin, earning 8.6% and getting
that interest paid out in Bitcoin.
I hope you found this video helpful it is good to be back
it's good to be healthy, and man if you enjoyed this video
and you want more, you know what to do.
Like, subscribe all that good stuff.
Alright y'all, this is Jeff Rose reminding you it is your
money, it's your life. I want you to make it awesome.
Until next time, Peace.
(upbeat music)