Bitcoin (BTC) turned out to exist a far more attractive prize than airline miles or other cashback rewards, new data from BlockFi suggests.

Information technology'due south been three months since the New York-based crypto loans startup launched its Visa-backed Bitcoin rewards credit cards, BlockFi Rewards Visa Signature Credit Bill of fare, to customers. The bill of fare offers rewards in Bitcoin instead of using a more traditional points arrangement.

According to the company, if the average Bitcoin rewards bill of fare owner continues the shopping habit seen in these first 3 months, they'll be on track to spend more than $xxx,000 per year on average. This is almost six times the average of $5,111 per cardholder in the United States.

"The fact that cardholders are pacing towards over 2 billion dollars in annualized spend reinforces BlockFi's mission to provide clients with broader access to financial products and services that allow them to invest in cryptocurrency more easily," BlockFi Co-founder and CEO Zac Prince told Cointelegraph.

BlockFi said its Bitcoin rewards carte has grown by fifty,000 owners across all 49 states, excluding New York, where the card is not available. California accounts for over twenty% of total spending while Washington D.C., California, Texas and Florida follow as the highest spending states.

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Cardholders have amassed more than 124 BTC in rewards collectively during the plan's first 3 months, with Costco, Amazon and Abode Depot existence the top three merchants. The spending behavior ranges from everyday purchases like groceries, utilities, and home improvement projects to more significant purchases.

"For the Bitcoin maximalist, Compass Mining has been a top merchant for those who want to earn even more than bitcoin from their home mining rigs," the announcement reads.

Available to employ anywhere Visa is accepted, BlockFi's bill of fare enables its owners to earn ane.v% back in the original cryptocurrency with an introductory 3.5% rate. Due to the price movements of Bitcoin, cardholders who were paid out rewards at their 3.five% intro rate fabricated an constructive rate of over 4.25%. Customers earning the standard 1.5% dorsum were as well getting a 1.viii% constructive rate, the BlockFi team explained for Cointelegraph.