BlockFi Co-Founder Sees Huge Growth And FOMO For Crypto In 2022
Co-founder of BlockFi and senior vice president of operations, Flori Marquez, shared the company’s insight on collected customers’ data and shed some light on the crypto industry’s growth as they have seen “huge moves” of Americans interested in it, suggesting a burgeoning adoption.
During an interview with Yahoo Finance, Flori Marquez shared some interesting numbers. In the year over year Bitcoin returned 112%, and compared to gold and S&P respectively, she said, “that’s a negative 4% and 24%.”
Marquez claims this year was big for crypto in terms of mainstream consumer demand, which took BlockFi to research amongst customers’ data to try understand their sentiment on Bitcoin at the moment.
BlockFi has around 75,000 clients using their Visa Signature Credit Card which offers rewards in Bitcoin, “And that’s absolutely huge because most fintech companies look to see about 10,000 credit cards in their first year” Marquez added and further suggested that Americans are highly interested in earning “different types of awards”, but not necessarily looking forward to earn cash back.
BlockFi’s co-founder claims that 2/3 of their clients “actually spend less with cash back” since starting to use their Bitcoin-rewards cards because they are “more into crypto”. Their clients nowadays show a long-term ‘hodlers’ way of thinking, and see BTC as an asset that could generate them an important yearly return that cash cannot offer.
A Chainalysis research shows that, by October 2021, the global crypto adoption had grown over 2300% since Q3 2019 and over 881% in the last year as many countries face devaluations and citizens all over the world want to protect their savings, and there is also a large boost coming from institutional investment. The total market cap of crypto reached $3 trillion in 2021 and is currently at $2,2 trillion.