this morning, river It announced a Bitcoin Interest on Cash feature in which it will offer a 3.8% interest rate – paid in Bitcoin – on the dollars you leave in the exchange’s custody, which are FDIC insured up to $250,000.
This return is similar to what you’d earn in a high-yield savings account through an online bank like Ally, but again, you’re earning bitcoin with River.
If you, like me, are a Bitcoin enthusiast and still want to keep a large cash stash in case of an emergency, this is a pretty great deal. You see, I have one of those high-yield savings accounts through Ally, and I tell myself I’ll take the return I earn every month and buy Bitcoin with it, even though I rarely remember to do so.
We offer you 3.8% interest on cash – paid in Bitcoin!
Stop letting your money lose value due to inflation, even in “high yield” accounts.
Unleash the predictability of the dollar with the opportunity to build real wealth in Bitcoin. Just on the river. pic.twitter.com/EDr7jpMAPC
– The River (@The River) October 22, 2024
Now, with River, I can essentially automate this process, allowing River to convert that dirty return into Bitcoin for me at the end of each month.
(Well technically, I can’t do that because I live in New York State, which is one of only two US states where River does not serve clients. We have this thing in New York – a land that was once home to free people but that is now drowning in bureaucracy – which is called “BitLicense“, which makes it It is very difficult for Bitcoin startups to do business in the stateBut I digress.)
There are no monthly fees or minimums to start using this product, and users can withdraw their funds whenever they want.
This is not only something that Bitcoin users celebrate, but it is also a great way to get ordinary people on board with Bitcoin, most of whom are afraid to buy Bitcoin due to its volatility. Now, they don’t have to buy it; They can only earn it for keeping the kind of money they are accustomed to keeping.