It’s incredible the “adoption” that Bitcoin continues to see only when it’s price is moving higher. All of a sudden, the deals, the stock names tied to Bitcoin and the gimmicks that we haven’t heard from in months come back full force gale as the cryptocurrency pushes up against its all time highs.
Like Visa, who just announced a partnership with BlockFi earlier this week to introduce a credit card that will offer Bitcoin as rewards. Like many “cash back” cards, the card will kick back 1.5% of all purchases – but in Bitcoin instead of cash.
The card is going to also offer a lump sum of $250 in Bitcoin for users that spend more than $3,000 in the first three month after activating the card. It will be issued by Evolve Bank & Trust, and will also carry a $200 annual fee.
Zac Prince, founder and CEO of BlockFi said: “BlockFi is excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of consumers.”
We bet he’s really excited about the $200 annual fee, though.
Visa’s Fintech Fast Track Program, which is responsible for the BlockFi partnership, “aims to speed up the process of integrating” cryptos with the company’s legacy credit card network.
As CoinTelegraph notes: “This isn’t Visa’s first foray into cryptocurrency. Earlier this year, the credit card company partnered with digital startup Fold to offer a debit card that earns crypto-based rewards.”
“It’s almost as if Visa has accepted the idea that cryptocurrency is the way of the future, and the company wants to get in on the business before they find their business struggling to catch up,” SlashGear said.
There is currently a waitlist for the card, according to BlockFi’s website.