Visa-backed Bitcoin rewards card amassed over 124 BTC collectively a 90 day period. BlockFi Data shows Bitcoin to be a far more attractive prize than airline miles or other cashback rewards.
New York-based crypto loans startup launched its Visa-backed Bitcoin rewards credit cards, BlockFi Rewards Visa Signature Credit Card, to customers. The card offers rewards in Bitcoin instead of using a more old-fashioned points system.
According to the company, if the average card owner continues the shopping habit seen, they’ll be on track to spend more than $30,000 per year on average. This is almost six times the average of $5,111 per cardholder in the United States.
BlockFi said its Bitcoin rewards card has grown past 50,000 owners across all 49 states, excluding New York, where the card is not available. California accounts for over 20% of total spending while Washington D.C., California, Texas and Florida follow as the highest spending states.
Cardholders have amassed more than 124 BTC in rewards collectively during the program’s first three months, with Costco, Amazon and Home Depot being the top three merchants. The spending behavior ranges from everyday purchases like groceries, utilities, and home improvement projects to more significant purchases.
