- Interest rates are approaching the negative side around the world, making savings plans pointless
- Bitcoin is a much better alternative if you’re looking for a medium-long term savings plan with great yield
- Bitcoin is giving people financial freedom and the ability to save up for the future effectively
As more and more people look to get into Bitcoin and the wider crypto industry, people are starting to ask questions. Should I cash in my savings plan? Should I cash in my 401k? Should I invest my life savings? Well, crypto newbies, the answer is pretty simple – yes!
Interest rates on savings accounts in the US are at an all-time low, with some even running at close to 0% APY. This isn’t good for your money and you’re wasting its potential. So, bite the bullet and say bye, bye to the bank. Say hello to Bitcoin!
Tired of 1% Interest? We Certainly Are!
Before we get too into this, please whatever you do don’t take this as financial advice. If you do, we certainly cannot be held accountable for any untoward outcomes. With the formalities over, we can dive into why I’ve personally ditched my bank and its saving accounts in favor of Bitcoin, and why you should consider it too.
With COVID-19 in full swing, governments around the world are slashing interest rates and printing more money to keep the economy going. In some countries we’re even seeing negative interest rates. While this is good if you’re on the borrowing side, it’s terrible if you’re on the saving side.
As it stands, the AMEX Personal Savings account is offering just 1% APY, Barclays Online Savings Account is offering 0.8% and HSBC Direct Savings is offering 0.7% APY. This is a terrible deal, and there are even worse deals out there. To put this into perspective, as of last week, if you put your $1,200 stimulus check directly into Bitcoin, you’d already be up 46%.
Crypto Has Way More Potential
Even the DeFi world will give you a better APY percentage than virtually every bank on the planet. Some DeFi projects are offering up to 8% APY, which is a huge leg up on the traditional savings world. If you prefer just to invest, Bitcoin and other top cryptos are perfoming very well at the moment. Sure, there will be drops and dips, but if time has proven anything, it’s that Bitcoin ALWAYS bounces back.
I’m personally going all in on Bitcoin, and if you want to actually have your savings account grow in size, you will too. It’s a no-brainer and as time goes on, Bitcoin’s value, and therefore your savings plan, will grow in size too!