Cryptocurrency Savings Accounts Incoming!

Uphold is now opening savings accounts for crypto hodlers. This is something I briefly thought about, but not too in-depth.

Right now, they are paying 2-5% annual interest. I imagine as more services jump in to compete, they will rise. I’m a millennial so I wasn’t around to ever see high interest rates but looking at charts, they have been at least close to 10% (maybe higher) at one point in the past. To the older folks in here, I’d love your input on this.

I don’t see any reason why we couldn’t get to those rates or beyond, particularly with XRP after Ripple sells off most of their escrow and institutions are forced to buy from retail investors rather than OTC discounted deals.

Retirement could be a lot closer than we think. There’s a good chance we’ll be able to live off the interest and never sell our crypto. Even with a 5% return, if you are holding $200,000 worth of crypto that’s a solid $10,000 a year. Living as a minimalist I could probably live off just that, but even if you don’t live that way $10,000 is still enough to maybe cover a good chunk of your rent/mortgage, or all of your utility bills.

Keep on hodling