Other than STEEM, I have been building up my Crypto.com holdings of MCO. I currently have the Ruby Steel card after staking 50 MCO. I originally had the Midnight Blue card. However, I was able to get the 50 MCO stake to upgrade rather quickly. With the upgrade came 2 percent back in MCO from purchases and a monthly Spotify rebate in MCO. The perks, along with 5 MCO buys every paycheck have helped me build up to 250 MCO. So, I'm halfway to the 500 MCO needed to get the Jade Green or Royal Indigo card. I haven't decided.
I may be able to outright buy the remaining 250 MCO or close to that amount to get to the 500 MCO for staking. The additional perks that come with staking 500 MCO are higher interest rates on other crypto holdings, 3 percent back on purchases, Netflix rebate, and Lounge Key airport lounge access. I would expect to hodl the MCO indefinitely. Although I could see some appreciation in the tokens, what I am really after is the interest earned on the 500 MCO and on other staked cyptos. For example, USDC currently pays 10 percent per annum with a 50 MCO stake, 12 percent with a 500 MCO stake. That is a decent return without worrying about price fluctuations.
Some features like the no fee ATMs and the interchange rates aren't features I would use too often as I hardly use cash or travel abroad. Never mind pulling cash abroad.
I have seen reddit posts put down the 3 percent MCO back on purchases and other perks as not worthwhile. I would agree that the perks aren't worth the cost when considered alone. 2 or 3 percent is not that exciting considering you have to spend a ton of money to build up that rebate. What is worthwhile is access to the additional interest income from staking. I'm not looking at short-term gains. I am looking at a horizon of about 20 years, when I reach retirement age. A fixed 12 percent return on USDC is amazing considering the stock market might get 8 percent a year in a retirement account, if I'm lucky.
In 20 years, it's possible that Crypto.com may have other products available, such as credit and the trading platform. Would I reach 5000 MCO within 20 years? Who knows?
Will Crypto.com be around in 20 years? There's no certainty that it will be. However, they seem very intent on compliance in all the markets where they operate. In addition, they must have done something right for Apple, Google, and Samsung to allow them to use their debit card for contactless payment. In other words, Crypto.com seems to want to be on the level. All indications are good, as far as I can tell. Of course, one must have other savings schemes set up, just in case.
In this case, I don't have to make a decision right away, although time is not on my side. As time goes by and more users get on Crypto.com, the pool of tokens gets smaller and the price will increase, raising my cost to reach the 500 MCO stake. Perhaps this is the last market dip, or the first of several with COVID-19 in the air. The goal is within reach at today's prices. But, with yesterday's post, I mentioned that prices tend to drop immediately after I buy crypto. I feel stupid each time.
Crypto.com Referral Link so we each get $50 when you stake 50 MCO - https://platinum.crypto.com/r/78qq6kx6q8
Posted via Steemleo