New Fold Credit Card Offers 2% Bitcoin Rewards, Boosting Adoption
The U.S. Department of Defense has been the top federal credit card spender in recent years. Meanwhile, the average American struggles to save due to inflation and ineffective traditional savings tools. A new bitcoin rewards credit card, the Fold Credit Card, is set to bridge this gap and boost bitcoin adoption.
The Fold Credit Card, expected to launch soon, offers a 2% bitcoin reward on every purchase. At today's bitcoin prices, the U.S. government's $39.7 billion credit card spending in 2024 could have earned around 12,000 BTC, or about $790 million, in rewards. This nearly matches the $506 million in refunds earned through the existing GSA SmartPay program. The card aims to make living on bitcoin easier without disrupting daily life, allowing users to 'stack sats' without changing spending habits.
Analysts predict the Fold Credit Card will be one of the top three bitcoin products, behind only the bitcoin exchange and the bitcoin ETF. Will Reeves, a prominent bitcoin advocate, sees it as a potential catalyst for bitcoin adoption, serving as a seamless on-ramp to bitcoin for many Americans. By infiltrating the dominant payment method, the Fold Credit Card could reroute broken incentives toward bitcoin adoption.
The Fold Credit Card, with its bitcoin rewards, promises to close the gap between earning, spending, and saving in bitcoin. By offering a familiar credit card experience with bitcoin rewards, it could significantly boost bitcoin adoption among Americans, helping them navigate inflation and save for the future.
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