CRO Coin On The Rebound
Sorry for the clickbait. But, I'm not really sorry. Obviously, most cryptos have been following along the rebound of BTC. The Crypto.com coin, CRO, has a strong correlation with BTC. So, if BTC goes up, CRO goes up, like so many others.
CRO had been languishing around $0.10 for a while since BTC started testing support levels below $30K. To its credit, CRO clung tight to that level regardless how low BTC kept dipping. It is only recently that CRO has been poking its head above the $0.11 mark. Today, CRO has been testing the $0.14 level.
The high level for CRO was at about $0.27 back when Bitcoin reached the $64K high. Due to the correlation with BTC, it is likely that CRO might test $0.27 or more when BTC goes back to $64K.
The reason for thinking that the CRO high might reach higher levels is that there is the likelihood of retail investors FOMOing in to the Crypto.com ecosystem. Lately, the company has been massively promoting its brand via sponsorships of high visibility sports such as F1 and UFC. If this pays off, the new customers would naturally start to use the Crypto.com app, or the Crypto.com Exchange, to participate in crypto trading. This type of activity provides benefits for staking certain levels of the CRO coin. The fact is, there are more customers today than there were during the last all time high.
Therefore, as the market heats up, and millions of new Crypto.com customers start to get antsy with FOMO, we can expect CRO to benefit from a price bump. Particularly if they are convinced enough to stake for a Crypto.com Visa card, which has a minimum 6 month staking requirement.
Why CRO?
This presents a problem here at TravelWriteMoney. We want to qualify for the next tier card, the Icy White card, which has a cash back reward of 5%, which is almost twice the 3% we are currently earning from the Royal Indigo card.
We used to be into the credit card game with the American Express Platinum, Gold, and other cards that offer travel rewards. However, it became clear that the game is rigged in favor of higher-ticket travel. The portals that give you the most points, or the airlines for which you can redeem points, are the more expensive ones. A combination of annual fees and restrictions on redemptions reduced the value that we were receiving. So, we started switching to cash back cards. At least then we can decide what to do with the extra cash. Although 5% doesn't sound like much, it adds up.
We have been getting 5% from rotating categories from Chase and Discover cards. At the end of the month, there is value from those rewards. Thus, earning 5% in CRO could be a long-term win for our household.
This realization is exactly what we hope many other Crypto.com customers come to when they start using their Crypto.com debit card. Yes, you're getting 2%, 3%, or more today. But, with capital gains, it can turn into a higher return, assuming you don't spend your coins right away.
One final piece of information is that Kris Marszalek, the CEO of Crypto.com mentioned in the last AMA that we can expect the Crypto.com Exchange to launch sometime in Q4. We take this with a grain of salt as we have a history of missing that particular deadline. However, he seemed more sure that the United States would see the Exchange soon. This is extremely bullish news because a significant portion of their customers are unable to access the market. Once the U.S. customers have access, that also means significant quantities of staked CRO coins, which should help bump up the price.
Overall, Crypto.com has all the parts there to be great. But, their penchant for compliance has slowed down their progress. Compliance is good. But, compliance is frustrating if you're looking for fast rollouts. We have a sleeping giant.
