Users will receive a payment of 1.5% of their purchases in the digital asset
If they spend more than $ 3,000 in three months they will receive $ 250 in bitcoins
The card will be available in early 2021 and will cost $ 200.
Visa has partnered with cryptocurrency startup BlockFi to offer a credit card that rewards purchases with bitcoin rather than air points or cash. Bitcoin Rewards credit card users will receive a payment of 1.5% of their purchases in the world’s most valuable digital asset, and a total of $ 250 in cryptocurrency if they spend more than $ 3,000 in the first three months, as reported by BlockFi. The annual price of the card will be $ 200 and will be issued by Evolve Bank & Trust.
The widespread adoption of Bitcoin received a boost from Visa earlier this year when the credit card giant partnered with startup Fold to offer a debit card that gets cryptocurrency-denominated incentives.
Visa’s relationship with cryptocurrencies has evolved in recent years. In 2018, the firm plunged into a public confrontation with the Coinbase market (cryptocurrency trading platform) over issues related to purchases made with its cards. Subsequently, both firms fixed their friction and launched the “Coinbase” card, which allows users to spend Bitcoin using the Visa debit card.
“We are excited to add credit cards to our product offering and expand the accessibility of bitcoin to a broader group of consumers,” said Zac Prince, CEO and founder of BlockFi. The company expects the card to be available in early 2021.
Cryptocurrency is becoming one of the central topics in recent days. Last Thursday it suffered one of its worst intraday debacles, falling by more than 14%, however, this Monday it recovered and set all-time highs. The latest movements observed in the cryptocurrency are capturing the attention of investors who are now wondering if bitcoin could replace gold as the safe haven value par excellence.
The cryptocurrency is trading this Wednesday in red and it is down 2% but since March, when the coronavirus pandemic broke out, bitcoin has gained more than 180%, touching today $ 19,000.