Earning 9% on Cash, Investing in Crypto and Trading Options with Zac Prince, BlockFi CEO

All the Hacks: Money, Points & Life

Chris Hutchins

Business, Society & Culture, Education, Self-improvement, Investing, Places & Travel

4.8 • 1.6K Ratings

🗓️ 23 June 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

#8: Crypto expert Zac Prince, joins Chris to talk about how to earn 9% interest on cash through crypto stablecoins. They also discuss Zac’s favorite investing hacks, his crypto portfolio advice, Bitcoin, Ethereum and other different crypto tokens Zac invests in. Zac Prince (@blockfizac) is the CEO of BlockFi, a crypto-first banking platform that lets you earn interest, borrow cash, and trade crypto. BlockFi is one of the fastest growing fintech companies ever and currently lets you earn up to 9% on your cash using crypto. [Note: Since this episode aired, BlockFi has halted withdrawals and I can no longer recommend using them, but I've decided to keep the episode up] Full show notes available at: https://www.allthehacks.com/blockfi-zac-prince Partner Deals For all the deals, discounts and promo codes from our partners, go to: allthehacks.com/deals Resources Mentioned Connect with Zac : Twitter | LinkedIn Get your bills negotiated: BillShark | Trim Grow your wealth: $5,000 Managed Free at Wealthfront Options Income Strategies: Article from SeekingAlpha Full Show Notes (01:42) How Zac ended up running BlockFi (03:35) How BlockFi pays high interest rates on cash (06:50) Risks of putting money in a BlockFi account (08:09) How BlockFI lends out about $70-80 for every $100 (09:31) BlockFi automation and risk reduction for bitcoin (11:08) BlockFi's uniqueness in interest-paying platforms (13:09) DeFi vs. BlockFi: Comparing payout potentials (14:30) BlockFi's scale and valuation journey (15:27) Should crypto be part of your investment? (18:45) Mainstream adoption timeline for cryptocurrency (21:42) Traditional banks and their crypto hesitations (23:06) Stock options: Leveraging for wealth growth (27:21) Credit score's role in saving money (28:17) Outsourcing bill negotiation for savings (29:32) The world’s first Bitcoin rewards credit card (34:14) Navigating cryptocurrency variety: Three categories (35:46) Exploring stablecoin applications (36:19) BlockFi CEO’s cryptocurrency portfolio (37:04) Ethereum: Betting on the blockchain future Connect with All the Hacks All the Hacks: Newsletter | Website | Membership | Email Chris Hutchins: Twitter | Instagram | Website | LinkedIn Editor’s Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey everyone, since recording this episode a lot has happened with crypto and specifically
0:05.6	BlockFi.
0:06.6	I'm recording this on the morning of November 15th, 2022, and after the downfall of the
0:11.4	crypto exchange FTX, BlockFi put a hold on all customer withdrawals, leaving many people
0:17.4	myself included with a lot of crypto on the platform.
0:20.9	I am angry about the way this was all handled and communicated, and certainly not happy about
0:26.6	the financial situation they've put me and many others in.
0:30.1	I truly hope that they're able to find a way through all of this, that results in everyone
0:34.4	getting back their money, so obviously any recommendation you might hear for BlockFi in
0:39.1	this episode should be ignored and considered outdated.
0:42.3	A quick word from our sponsor today.
0:45.6	I want to talk about an amazing way to level up your finances with some practical knowledge
0:49.8	on money.
0:50.8	I'm talking about Nerdwallets Smart Money Podcast, where every week, Nerdwallets in-house
0:55.5	experts answer your real-world money questions and break down the latest personal finance
1:00.3	news.
1:01.3	They've already helped me get smarter on AI travel planning, saving money on groceries
1:05.1	and my next trip to Disney, which I know is coming soon with two young girls.
1:10.1	They also break down the latest financial headlines, so you can make smart financial decisions
1:14.4	in a world that's constantly changing.
1:17.0	Weekly financial check-ins with smart money can help you spend more time doing what matters
1:21.0	and less time worrying about what doesn't.
	...

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